Warren Buffett on $400 Bn Cash Hoard, Market Gambling & Greg Abel's Citizenship | N18G

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버크셔는 약 3,800억 달러 규모 현금을 보유하며 투자 여건이 이상적이지 않다고 평가함. 시장을 교회에 카지노가 붙은 것에 비유하고, 단기 옵션 매매는 투자가 아닌 도박이라고 비판. 자산 가격이 전반적으로 부담스러울 수 있다는 취지. 경영권 이양(Greg Abel) 관련해서는 장기 운영 체계와 인재에 대한 언급이 중심이며 특정 자산 가격 예측은 없음.

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01. Last year at this time Warren, you surprised everyone with the announcement that you were stepping down as CEO. Fast forward a year and here we are. What do you think? Well, I think it's all working. It's all working. I did It isn't our ideal uh surrounding area uh or or environment I should say uh in terms of deploying cash for Berkshire.

02. uh But in terms of how We got the right management. We got the right arrangement and uh you know, we can pick our spots and and [clears throat] and uh nobody can tell us what to do exactly and and uh So, sometimes we're doing nothing, but other other times we get quite active. I mean You said that the world, the surrounding environment is not ideal and I guess that points to the idea that there's almost $400 billion in cash on hand.

03. Although Greg took some pains to show it it's really more like $380 billion in cash on hand. But that there's a lot of cash on hand and you're still active in managing the portfolio too and looking at stocks. You're looking around and you don't see a lot that you want to invest in. No. Well, then we don't do anything.

04. I mean, we've been in the of the 60 years I've been in the business, uh you know, there's probably five of them really juicy. And uh I I think it was Tom Watson senior at at IBM that uh said they asked him the reason why IBM had been so successful or something like that. And he said, "I'm smart at spots and I stay around those spots." Just looking at the macro stock market environment, what does this feel like to you?

05. Is does it feel expensive? Does it feel like there are opportunities in some places? like you know, I've I've compared it the markets to a church with a casino attached. And and people can move between the church and casino and and I would say there are more people in the church and more people in the casino.

06. But the casino's gotten very attractive to people. If you're buying one-day options or selling them, I mean, that is uh that's not investing, it's not speculating, it's gambling. You know, just totally. There's nobody that can explain why they're buying an option for one day unless they maybe maybe they follow that that uh you know, made the $400,000 from knowing when we were going into the light.

07. I couldn't have done that. Do it. But I mean, that's really and the quantity of those things is just incredible. So, we've never had people in a more gambling mood than now, but that doesn't mean that investing is terrible. Well, it it does mean that uh that prices for an awful lot of things will look very slowly.

08. I mean, they you know, they They had a squeeze and and then and Avis some old things. Well, Avis has been around for 50 years, but just this past week uh uh and uh We have lots more regulation and everything now, but uh but people spend their time figuring out how to get around the rules rather than follow the rules.

09. And that's just a challenge. In some of the Berkshire holdings, you mentioned Apple's uh Tim Cook and just the phenomenal job you think he's done. Incredible. Uh he's not the only one of your major holding CEOs who stepped down. James Quincey recently stepped down from Coca-Cola too and we just spoke with Vicki Hollub who announced that she is retiring and stepping down from that position at Occidental.

10. Uh part of what Greg's talked about is how stable that portfolio is and and these holdings are companies that he knows and managers that he that he knows. There's going to be some new managers in some of those major holdings coming in. Is that a problem? Well, it was certainly a problem with Coca-Cola there for a good many years when I was around the company.

11. I mean, sure it's it's uh And you have the most problems with with with a really good company because it'll it'll it'll it'll continue. I mean, if you're selling some product that people are buying every day, you know, you can make the wrong decision for a long time. uh But that's one of the problems with investing that uh uh Tim Cook I I I thought was very very good from the start.

12. And and our most of our managers uh are very good at the smaller problems. Like but they can't anticipate the the overwhelming problems. That's that's That's my job or now Greg's job. I was speaking with you yesterday or the day before and we were talking a little bit about Greg Abel and what a nice guy he is.

13. And you He's a terrific guy. You said something interesting to me though um about how you picked him and it wasn't because he was a nice guy. Why did you pick him? Well, he's very very very smart about businesses. Incidentally, he's getting his Canadian I mean, he's getting his American citizenship here very soon and he was going over with me all the things he had to learn about.

14. And I've actually spent a little time in the past with groups of individuals. Of course, my wife did did it till became an American citizenship American citizen. And the things they have to learn about the Constitution and all this and they're usually so proud when they become American citizens. And I think I think I detected in Greg Abel.

15. I mean, you know, that is the successful he's been and everything else. I mean, he is it means something to him to become an American citizen. You know, Warren, there are thousands of people, shareholders and partners of yours for decades in some cases who are sitting out in this arena right now. And I just wonder if there's a message you'd like to give to them.

16. Um those been following you for years and who've been partners of yours for years. Yeah. The number one rule I've given is just I I've given the golden rule. Do unto others as you I'm I'm not a religious guy, but I mean, nobody's said it any better than than than in a couple thousand years than that.

17. Which may be why it's lasted uh to a certain degree too. I mean, that uh you know, more people are reading a 2,000-year-old book about how to behave than uh anything that anybody's coming up with lately. Uh uh Now, it's it's got a lot of uh I mean, the Old Testament's got different kinds of stories to some extent.

18. But uh if the whole world lived by the golden rule, it would be such a more wonderful society. Thank you for watching CNBC TV18. For all top headlines and updates, follow us on our social media platforms.