Below are all the highlights:
As the coronavirus outbreak sparks fears of a slowdown in global growth, Buffett closed the CNBC interview saying his long-term outlook remains unchanged.
“We’re buying businesses to own for 20 or 30 years. We buy them in whole, we buy them in parts … and we think the 20 and 30 year outlook is not changed by the coronavirus.”
“I think Kraft Heinz should pay down its debt. Under present circumstances, it appears that it can pay the dividend and pay down debt at a reasonable rate,” Buffett said “And it has too much debt, but it doesn’t have debt it can’t pay down. The debt holders are going to get the interest and the debt should come down by year-end. I think it will, and I think it can with the present dividend.”
The Berkshire Chairman said he spoke to Microsoft founder Bill Gates about efforts to contain the spread and impact of the coronavirus. “Now what they hope to get is a universal flu vaccine, but that’s a long way off. It isn’t impossible. I mean I asked my own â my own science advisor is Bill Gates â¦ I talked to him in the last few days about it and he’s bullish on the long-term outlook for a universal prevention of it.”
“Cryptocurrencies basically have no value,” Buffett said, noting that they don’t produce anything or mail investors checks. Instead, the value is derived from the belief that someone else will value it more highly in the future. “In terms of value, you know zero,” he summed up.