Warren Buffett interview live updates: Good for us when stocks drop, Berkshire Coronavirus impact

Warren Buffett joins CNBC’s Becky Quick with an exclusive three-hour interview on Squawk Box Monday morning.

Follow along below for the highlights.

Berkshire Hathaway sold some of its Wells Fargo position in the fourth quarter, filings revealed, but when Buffett was pressed for why the firm decreased its position he wouldn’t reveal why. “We’ve bought Bank of America and sold Wells Fargo,” he said.

As the ongoing coronavirus outbreak hits stocks, Buffett said “a very significant percentage of our businesses one way are effected.” He added, however, that the businesses are being affected by a lot of other things too, and said the real question is where those businesses are going to be in 5 to 10 years. “They’ll have ups and downs,” he said.

Specifically, he pointed to Apple and Dairy Queen being hit, as well as carpet maker Shaw Industries.

Buffett said that no matter what’s going on in the market, he’s always been an overall net buyer of stocks. “I’ve been a personal net buyer of stocks ever since I was 11, every year.”

“I haven’t bought stocks every day. There have been a few times where I thought stocks have been quite high, but that’s very seldom” he added.

As volatility in the market increases because of the coronavirus, Buffett said not to make investing decisions based on day-to-day moves. “You don’t buy or sell your business based on today’s headlines. If it gives you a chance to buy something you like and you can buy it even cheaper, you’re in good luck,” he said, adding that “you can’t predict the market by reading the daily newspaper.”

Source: https://www.cnbc.com/2020/02/24/warren-buffet-interview-live-updates.html

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