Buffett on CNBC
- Buffett says he's never smoked pot
- The valuations on IPOs are "kind of staggering right now"
- You're not going to discover anything new about investing in the next 50-100 years
- You have to know the ones that are within your circle of competence
- On the economy: Overall things are a little better. "Things are fine"
- Home construction has been a disappointment
- Electric cars are very much in America's future
Buffett has been on CNBC off-and-on for the past three hours.
This was the headline statement from his annual letter:
"In the years ahead, we hope to move much of our excess liquidity into businesses that Berkshire will permanently own. The immediate prospects for that, however, are not good: Prices are sky-high for businesses possessing decent long-term prospects.
Instead, that will mean taking equity stakes in companies.
