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CNN Live At Daybreak
Omaha Pilgrimage to Berkshire Hathaway Annual Meeting
Aired May 05, 2003 - 06:17 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
CAROL COSTELLO, CNN ANCHOR: Time for a little more business buzz. Thousands flocked to Omaha, Nebraska this weekend to listen to some words of wisdom from financial wizard Warren Buffett.
Susan Lisovicz joins us live from New York with the highlights.
Good morning -- Susan.
SUSAN LISOVICZ, CNN FINANCIAL NEWS CORRESPONDENT: Good morning, Carol.
Well, it's called the Woodstock of capitalism, and this year it drew a record 15,000 shareholders who came to hear the world's most famous investor talk and answer their questions.
So what was on Warren Buffett's mind? Well corporate greed, among other things. He called for large shareholders to force some changes in the nation's boardrooms. He said President Bush's planned tax cut is unfair because it favors the wealthy like him. He is the world's No. 1 richest man. He said those tax cuts will hurt ordinary workers.
Buffett also told shareholders that Berkshire Hathaway made a record profit of $1.7 billion last quarter. That is a company that he has run as CEO and chairman for nearly 40 years. No wonder he is called the Oracle of Omaha.
And, Carol, in case you're interested in investing in the company,...
COSTELLO: Yes.
LISOVICZ: ... Berkshire Hathaway's stock closed nearly 1 percent higher on Friday to $70,400 a share.
COSTELLO: Man! Any more stock tips...
LISOVICZ: And you can't buy low on a stock like that.
COSTELLO: No, no, I can image what one share costs. Did he give us any like real stock tips for the common man to make some major dollars?
LISOVICZ: Well you know Warren Buffet has been tried and true, you know, for all these years. Invest in what you know, which is one of the reasons why he didn't go heavy into high tech. People were laughing at him a few years ago because he says I don't really understand this technology. Guess what, guess who had the last laugh.
He also -- he invested in China, which is -- which was interesting because you know China's had this SARS outbreak and it's clearly going to hurt the economy somewhat. But China's economy is still going to grow much faster than the U.S., even if it takes a hit on SARS.
COSTELLO: Interesting. Thanks for the insight. Susan Lisovicz, we'll catch you in a little bit.
TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM AT www.fdch.com
Aired May 5, 2003 - 06:17 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
CAROL COSTELLO, CNN ANCHOR: Time for a little more business buzz. Thousands flocked to Omaha, Nebraska this weekend to listen to some words of wisdom from financial wizard Warren Buffett.
Susan Lisovicz joins us live from New York with the highlights.
Good morning -- Susan.
SUSAN LISOVICZ, CNN FINANCIAL NEWS CORRESPONDENT: Good morning, Carol.
Well, it's called the Woodstock of capitalism, and this year it drew a record 15,000 shareholders who came to hear the world's most famous investor talk and answer their questions.
So what was on Warren Buffett's mind? Well corporate greed, among other things. He called for large shareholders to force some changes in the nation's boardrooms. He said President Bush's planned tax cut is unfair because it favors the wealthy like him. He is the world's No. 1 richest man. He said those tax cuts will hurt ordinary workers.
Buffett also told shareholders that Berkshire Hathaway made a record profit of $1.7 billion last quarter. That is a company that he has run as CEO and chairman for nearly 40 years. No wonder he is called the Oracle of Omaha.
And, Carol, in case you're interested in investing in the company,...
COSTELLO: Yes.
LISOVICZ: ... Berkshire Hathaway's stock closed nearly 1 percent higher on Friday to $70,400 a share.
COSTELLO: Man! Any more stock tips...
LISOVICZ: And you can't buy low on a stock like that.
COSTELLO: No, no, I can image what one share costs. Did he give us any like real stock tips for the common man to make some major dollars?
LISOVICZ: Well you know Warren Buffet has been tried and true, you know, for all these years. Invest in what you know, which is one of the reasons why he didn't go heavy into high tech. People were laughing at him a few years ago because he says I don't really understand this technology. Guess what, guess who had the last laugh.
He also -- he invested in China, which is -- which was interesting because you know China's had this SARS outbreak and it's clearly going to hurt the economy somewhat. But China's economy is still going to grow much faster than the U.S., even if it takes a hit on SARS.
COSTELLO: Interesting. Thanks for the insight. Susan Lisovicz, we'll catch you in a little bit.
TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM AT www.fdch.com
