busy week for berkshire hathaway and warren buffett. t kicking off it has boosted the stake in chevron making that company the fourth biggest holding in the portfolio. the oracle of omaha chevron investment was worth $25.9 billion at the end of march. up from $4.5 billion last year chevron shares are up 30% this year >>> turning to retail investors and warren buffett's favorite robinhood. they called out the stock market buffett telling shareholders that banks make more money when people are gambling versus investing. munger says shares are unraveling because of disgusting business practices to which robinhood tells cnbc, it is tiresome seeing munger mischaracterize something he knows nothing about. unless you look, think and act like him, you should not be an investor >>> finally, it was the labor department and now charlie munger is calling out fidelity over allowing investors to add bitcoin to 401(k). >> when you have your own retirement account and your friendly adviser suggests you put all of your money into bitcoin, just say no >>

warren buffett undertakes his biggest shopping spree at least a decade, slashing $41 billion in stakes, including chevron last quarter. happy monday. this follows a week to forget and perhaps a month to forget as well, with the worst performance i the nasdaq on friday since 2008. you might want to forget it, that it left its impact on markets. the me show you where we stand on financial conditions headed into this week. the gtv library. financial conditions at the moment, save for the pandemic, the tightest since 2018. this is king dollar rearing its head and the destruction in the stock market despite a fed that has had to raise 50 basis points the next few days. will they blink? let's dive into the markets to show you where we stand, it continues to be a story of a stronger dollar against the euro and the end. euro-dollar below 106 and yen below 130. we will be talking about this in about half an hour. two year yields moving about two basis points higher, at the highest since 2018, owning a jump in the em

in a sense this is warren buffett's worst nightmare. people are buying digital land and he would rather own farmland. why would i want to own a picture of an ape when i can just copy someone else's picture. but it acts as a proof of ownership of something else. i could have a digital asset, a website, how did you know that i owned this website? i have the nft. so, for collectors in the first instance it is valuable but there are use cases in things like supply chain. how do you know where a particular potato came from? i think those kinds of use cases flow from this first wave. tom: great stuff. a fascinating story. thank you come bloomberg's mliv eddie van der walt. surveillance early in addition is up next. this is bloomberg. ♪ what's it like having xfinity internet? it's beyond gig-speed fast. so gaming with your niece, has never felt more intense. hey what does this button do? no, don't! we're talking supersonic wi-fi. three times the bandwidth and the power to connect hundreds of devices at once. that's powerful. couldn't said it

charles: many people are trying to be the next warren buffett. coming up you want to be careful specifically if anyone self-anoints themself the king? i want to talk about this. we'll be right back. ...ou make your business future ready with the network from the most innovative company. comcast business. powering possibilities™. better hearing leads to a better life. and that better life... ...starts at miracle-ear. it all begins with the most innovative technology... ...like the new miracle-earmini™. available exclusively at miracle-ear. so small, no one will see it. but you'll notice the difference. and now, miracle-ear is offering a 30-day risk-free trial. you can experience better hearing with no obligation. call 1-800-miracle right now and experience a better life. charles: you know, we spent a lot of time today on this show talking about warren buffett. universally acknowledged he's the greatest investor certainly in the past century nobody disputes that. it doesn't mean income he got everything right or always gets everything right. ob

jack: a lot of people watch was worn buffett is doing, i prefer watching you watching warren buffett, are there any stocks the rest of us should be buying? andrew: he woke up and started buying stocks in a big way. berkshire hathaway's biggest purchased was chevron, $20 billion and bought occidental petroleum, $6 billion deal. jack: what is your favorite? andrew: aux the could be the backs -- the best bet. it is minting money right now. jack: is it the whole thing? andrew: berkshire owns 50%. he might want to buy the whole thing. buffett loves american companies. jack: what are you watching? carleton: i am watching the box office. there is this movie out, doctor strange in the multi-verse of madness the parting $120 million. box offices are back, people are spending money to go out and disney which hasn't faired so hot this year but also beat the market so far. jack: i love a good cineplex multi-verse. give me a stock i can fall in love with. >> i got craft hines, stock is up 20% this year but it is up half of 1% the past few months, it's earnings last month show it past the higher co

doesn't need bitcoin bitcoin doesn't need warren buffett. as a matter of fact, bitcoin, as compared to buffett, will not trash talk you bitcoin for the same period of five years delivered 831%vestins wa warren, those $25 for all the bitcoin in the world, bitcoin is out performing berkshire hathaway for the next five years. >> thanks for that response. you say 831% return in the last so years, but that feeds into the buffett theory it is turning into the casino as he said. is that not volatility playing off? >> there is volatility bitcoin is an asset in the long run. you see it over one or five or ten years. it is out performing everything else obviously, it will not be 100% of retirement funds. just as fidelity funds you can invest up to 20% in 401(k) you can allocate a small percentage point single digits because this asset keeps on delivering >> antoni, i know you spoke to our colleagues in paris and bitcoin potentially reaching $100,000 in the next 12 months what gives you confidence if bitcoin falls back from here why the $30,000 mark is

liz: yeah, you know, bill ackman , thinking they are warren buffett, let's see if you can get the 27% annualized returns over 57 years, new month , same story at least on the first trading day of may investors pounding the sell button ahead of tomorrow's start of the federal reserve's two day policy meeting, if the fed gets set to hike key interest rates the major indices are coming off the worst month since march of 2020 when the pandemic lockdowns shocked the world and they are losing once again, the dow down 416 points the nasdaq down 78 but famed investor warren buffett says he bought stocks in april because good ones became cheap. one of the few things less expensive these days, this weekend at the berkshire hathaway annual shareholder meeting, buffett called inflation the swindler that steals from just about everyone, and big oil charlie munger made a stunning declaration about what the u.s. should do with the oil reserves as energy prices skyrocket. you've got to hear that. the other guys aren't playing that sound bite, i found it fascinating. you need to hear it we've got it a

warren buffett just took a decent chevron stake. what is a play here for people who think that this is going to last and they want to invest in it? >> sure, it really depends on horizons if you aren't looking at what is going to happen in the next 10 years and this transition that we are talking about, we are really going to see it investment in base metals. hopper, for instance -- copper, for instance, until 2030 we are talking a 25% increase in copper supply. if we have to hit 1.5 degree targets by 2030 we need to see copper supply go up by 40%. how well-positioned is the market to supply extra copper given that these ambitions are increasing? copper and nickel are the larger markets. lithium has shown its part in terms of how much is needed. prices fairly indicate that. when you look at fossil fuels, if your outlook is over the next four years, four years, natural gas, those markets look underinvested in if you think how europe is going to cut itself away from russia. gas markets look to be very tight for the foreseeable future ,

i don't think anybody knows that he has been friends with warren buffett. he came out a couple of weeks ago before this happened he did a skit over something they have been talking about since last year's annual meeting. a funny skit based on "groundhog's day" and what happened over the last few years. in terms of buffett showing up the meeting here and showing up three years in a row and getting shut out that is why he was here. it was set up in advance of these things of the production shutdown obviously, so much about this and he did he was sitting and listening to munger and buffett as they were taking questions and answers i don't know who saw the live stream that we were running with the question and answer period on cnbc.com. there was a lot of reflective comments from buffett and munger about how you improve as life goes on and try to be a better and better person. bill said he was thinking about that before he came out to talk with us over what happened he has been reflecting on this for the week and a half since it happened that he had been thinki

warren buffett is buying big. berkshire hathaway made $41 billion worth of net purchases in the first quarter. they boosted their stakes in chevron and activision blizzard. global news 24 hours a day on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i'm kailey leinz, this is bloomberg. ♪ >> i am really excited to be here tonight. the only group of americans with a lower approval rating that i have. >> republican seem to support one fellow. some the -- some guy named brandon. >> the president of the united states at the white house correspondents dinner saturday evening. we were on a different table but very close to each other, i could not stop laughing when he mentioned brandon. >> he's not sure who he is. >> i think he knows what it means. >> i think he knew going in as well. jonathan: futures positive about a 10th of 1% on the s&p. we were recovering, tom keene still recovering. he will be back tomorrow ahead of a federal reserve decision after p

. >>> how about buffett, warren buffett's big bets from citi, to paramounts to chevron, if the world's most respected investor is buying into these stocks or into stocks, should you? but first, welcome to julia boorstin who's in for kelly evans. >> hi, tyler, stocks are near session highs at this hour, the dow and s&p are up more than 1%. the nasdaq outperforming the others with a gain of more than 2%, but walmart falling 10%, the biggest decliner of the dow after an earnings miss and a soft profit forecast boeing the best performer on the index up about 6%. and energy is on pace for its sixth straight day of gains. exxon, chevron, and valero just some of the names in that sector hitting 52-week highs in today's sex. tyler. >> julia, today's rally offering investors some relief to the relentless selling that has gripd the markets. the next guest says the best offense is a good defense. he's got some picks that could offer some downside protection let's bring in kevin mahn, president and ceo of hennon and walsh management welcome back good to see you. we're going to talk a little bit mo

warren buffett was reading your stuff. a bunch of money into paramount. jack: you are welcome for that. i think buffett is making a bet that traditional distribution of shows and movies on television and in theaters is more valuable than investors are giving credit for. that is something paramount has been arguing for years gunite - nice to take a new show for streaming and get a fan base, nice to take a new movie and put it in theaters for a 45 day window to recoup production costs. you can look paramount, television remains a cash cow. this company could easily generate $2 billion a year in cash, it will generate less than a billion because it is spending so much on streaming content but you see a possible path that that level buffeting a free cash flow yield, 10%, netflix totally different story, $8 billion in cash over the past six years. you can run this kind of business if you are willing to lose that kind of money. i know how jack hough feels about the fuller house remake but we need to see how this look like when we see money moving forward. jack:

warren buffett discloses a massive stake in activision in a merger arbitrage play. plus a wide ranging conversation with the former nintendo coo. media stocks like netflix, spotify, meta, falling down 50% so far this year. what is a good business in media right now? we will ask rich greenfield. all of that in a moment but first, emily, investors are on edge this week, we are expecting the biggest rate hike from the fed into decades. -- in two decades. >> it had been largely a choppy session with traders anticipating the fed raising rates in their decision from wednesday. the s&p 500 ended up nearly 0.6%. this is after it fell over 1% on the intraday trading basis with big moves in the bond market. the move on the u.s. 10 year treasury bond topping 3% for the first time since december of 2018 when we saw the dollar moving higher with the spot index having it approach its highest levels since 2020. i mentioned a choppy session. look no further than the volatility index to see the uncertainty gyrating the markets right now, paring back there --- their gains a bit but i

today, warren buffett compares financial advisers to gamblers. >> reporter: i'm michael george on wall street. stocks take a dive, ramping up fear over the economy. how it could affect your 401(k). >> diaz: covid cases rise again in every corner of the country, this as washington, d.c., gathers for its biggest bash. on capitol hill, time crunch for the january 6 probe. and later, remembering naomi judd. ♪ love can build a bridge ♪ >> diaz: the matriarch of the grammy-winning duo gone at age 76. >> this is the "cbs weekend news" from chicago with adriana diaz. >> diaz: good evening. tonight, russia and ukraine are feeling the strain of their brutal two-month-old war. once again, the kremlin's latest advance is being slowed by fierce resistance. and for ukrainians, this is what victory looks like. this is kharkiv. today, it is back in ukrainian control after being pounded by russian strikes, the war and its losses proving unimaginably costly for all. cbs' chris livesay is in kyiv tonight with the latest. >> reporter: good evening, adriana. a glimmer of hope from the mariupol steel mi

warren buffett -- amy: from omaha. >> yes, indeed. his sort of constellation a family foundations has really been the backbone of private funding for the reproductive health care landscape for a long time. i think -- amy: named after his late wife. >> right, and a notoriously large anonymous donor. a ton of groups rely on. where this becomes a problem, structurally, we have a movement reliant on the whims of leaner back foundation, you can end up with what one organizer described to me as boom/bust cycles. you get a grant, the money is there for a project and then it is gone. this is a problem, especially because warren buffett has said he wants all of his money, all of his berkshire hathaway holdings expended for philanthropic purposes within 10 years of his estate being settled. a reminder, he is 91. when that happens -- he does not want to put into endowments for foundations, he wants it spent on current needs. we could be seeing this massive sort of boom/bust coming that -- situations like this have already happened. there's anoth

warren buffett accumulated 140 billion plus coming into the year. looks like he put 50 billion into place. that is buy signal. thank you very much, my friend. i want to bring in my two davids, bounce send, nelson. 10 metrics, so far only three have been checked off. but look how close some of them are, right? so bounce send, when i think about this, i just talked to ed about it, how much more damage does this market need to see? people looking for the perfect capitulation before buying? >> well the problem is that it's never perfect. there is kind of mixed signals and you've seen flows that actually not helped the contrarian case but you've seen other price signals that have. i don't know exactly where a bottom is but i think it will not be one bottom for all asset classes at once. i think some of the most expensive stock could take longer. there are other areas that probably have already bottomed. we have to be active, we have to use discernment. charles: to that point, david nelson, i look at nvidia and i look at a clorox. clorox is more expensive

. >>> warren buffett and charlie munger riffed on a lot this weekend at the berkshire hathaway annual meeting the including robinhood. here's charlie munger, listen. >> robinhood when it came out, it went public, and everybody and all this sehort-term gamblig and big commissions and hidden kickbacks and so on and so on. it was disgusting. >> yeah. >> and they got mad at you and sold a bunch of their stock and got the money. >> now it's unraveling god is getting just. >> a lot of the insiders have gotten a lot of money from it. >> they were big sellers as i remember >> may be, but there's been some justice. >> all right, well, robinhood gang ripped charlie munger in response i don't need to read the whole thing, but needless to say they ripped mr. munger, joe, what is your view on what they had to say? and not sure how we're going to judge this period some years from now, during a pandemic where this cohort came into the market, there's not much else going on, sporting events were dark, found a place to maybe have some of the same sort of enjoyment, i don't know. but how do you assess

warren buffett has spent a third of his cash pile since the beginning of the year about $50 billion, so we definitely want to buy high-quality companies and sectors that are on sale and just like buffett whose not buying the general indices he's buying high-quality businesses that have fallen on the tightening cycle fears that now are at such low valuations you just can't resist. liz: okay, so let's talk a little bit about what he bought. the 13-f filings which are quarterly filings that big institutional investors have to report what they bought during the past three months, basically buffett added or bought to apple and also bought gm, more rest ovation hardware, activision blizzard, cvx, mckesson, and the citi ad was pretty interesting and maybe we can put up what he sold or reduced, kroger, verizon, wells fargo he completely exited out of that a lot of people say it's about time considering they had that scandal several years ago and the stock never really recovered from that. i did find it interesting that signs michael berry is shorting apple, but he bought google, meta, and yo

warren buffett spoke about inflation over the weekend. is inflation an issue for brookshire hathaway? >> a major issue, for the past two years you see one thing prices go up and up and up. >> inflation i should say the bottom investor to and it swindles a person who keeps their cash under the mattress is windows almost everybody. >> then he went on to say the best protection is to invest in your own skills but i don't think that is comforting in the legendary oracle of omaha to many people who are having trouble making ends meet month-to-month but inflation is affecting him, look at geico the auto industry exposure and the cost of auto parts, new vehicles, everything is going up. berkshire hathaway. president biden took a little heat for inflation at the white house correspondents. watch this. >> if you didn't come, these people had been so hard on you which i don't get a really don't. sent you came into office everything is up gases up, rent is up, food is up, everything. stuart: stephen moore knows a few things about inflation and he is

what was interesting as warren buffett's berkshire hathaway leaving its wells fargo state. manus: they are lumping it large on citigroup. thank you very much. we look at it too $.9 million bet on citigroup. concessions. sweden and finland to nato are facing complications after turkish president erdogan says he was -- not allow them to join the alliance. >> sweden and finland have a clear stance against terrorist organizations throughout this process even if they say they are against terrorist organizations, they have statement that they will -- certain terrorists. manus: let's get to our european government managing reporter. is this a russia-stumble -- is this a moscow-istanbul told? -- tilt? >> the expansion of nato north is a key move not just finland, but sweden who feels like they're are under pressure from russia and also the baltic nations. those three countries on the south side of the baltic sea who have been most acutely sensitive to their vulnerability to russia. the oil quip thing is that putin has been threatening with retaliation if they declare their colors.

what happened in the fall, shay stopped being able to buy back stocks warren buffett is a great invest ter -- >> he has a knack for striking at the right time. sometimes he -- he gets good deals -- >> maybe he understands what's in the -- maybe he's not -- maybe he's okay about the disparity between the book, the tangible book and where the stock is, which i'm not okay because if you close the bank, that's what they have on hand. and the tangible book spread is the most of any of the large and small banks which worries me >> would you make it a fact that he threw in the towel on wells >> i like charlie sharf. i have a rocky real estate with charlie sharf. meaning, it's not necessarily, hey, chief, but i think charlie is doing a very good job, but he got a bad hand he got -- i mean, the dealer got a 7, pulled a -- you know, a 4 and pulled a king. he has, without a doubt, the worst hand of anybody. because there were -- huge number of consent decrees that we didn't know about that he's -- he's working one by one to go through all the things that were not disclosed properly, and it's just

there has not been a quarter like this for warren buffett in at least a decade. berkshire hathaway went on a shopping spree last quarter, scooping up ends in stocks. we will find out what is he buying and why. that is next. this is bloomberg. ♪ >> it is time for the bloomberg business flash. i'm angel feliciano. in germany, the embattled landlord adler group plunged today. the company posted a $1.2 billion loss in annual results that his own auditor to pmg declined to endorse. that led to a number of board resignations. adler wrote down more than $1 billion of goodwill related to its develop business. two of allianz's biggest investors slammed multi-billion-dollar losses. they warned that it had shaken investor confidence and may lead to more legal costs. allianz took a $2.9 billion charge to take a settlement with investors who claimed they lost billions when the funds collapsed two years ago. that is the latest bloomberg business flash. guy: angel, thank you very much, indeed. it was berkshire hathaway's first in person annual meeting in three years, and thou

and occidental petroleum, warren buffett with the big buy there and is very highly leveraged to the price of oil, more so than a lot of other companies bullish on the group i like the group on a long-term basis and a near-term basis. continue to buy, i think this group and oxy in particular if we do get any further dips >> life and death situation. market impact as well. thank you. still ahead, we are hunting for yield in unexpected places we're looking at one of them this chart beating the market this year. why it might be a good bet going forward. with directv stream i can get live tv and on demand together: baseball, ghostbusters, baseball, ghostbusters, baseball... ♪ it's good to be back! that is one foul ball. let's do this! ♪ cross the stream! ♪ get your tv together with the best of live and on demand. directv stream. call 1-800-directv >>> welcome back the 10-year is back below 3% after hitting 3.17, the highest since november 18th yesterday. but there are under the radar parts of the market higher than the 10 year. >> hey, john, going beyond sectors wliek energy, that offer

we'll ask the ceo about his plan to shore up investor confidence. >>> how about buffett, warren buffett's big bets from citi, to paramounts to chevron, if the world's most respected investor is buying into these stocks or into stocks, should you? but first, welcome to julia boorstin who's in for kelly evans. >> hi, tyler

. >> look, i just think that there was a big give up last week, and i was hoping that maybe warren buffett would be able to give you a little bit of a sense of calm, obviously no i think that the calm is gone. i think people feel that this is the beginning of a major repeal. i want to know what happens if bonds stabilize. what happens if the fed makes a move and whether you shouldn't be thinking about buying a little we've held off, got a nice cash position for travel trust. time to start to buy why? because friday was so hideous, carl, that i cannot believe that that wasn't an event that smelled of capitulation. >> well, speaking of cash, buffett's cash position has rarely been higher than it is right now, at least as a percentage of the investment portfolio. >> look, i found -- there was a little bit of disconcerting, the attack on robinhood, i mean, that's kind of worn thin. >> saying that god was being just in unraveling. >> i just think that these are -- it's too harsh a judgment crypto made a lot of people money. david, you know that when you blast something that has made a lot of pe

. >>> up next, buys and sells from berkshire's warren buffett interesting names we need to talk about and in may, celebrating agency american and pacific islander heritage, featuring some cnbc teammates. here's the he did jones senior investment strategist. >> south asian, indian culture is very rich intra tradition and ceremony everything from indian wedding ceremony, different colors, festivities that go with that to some holidays. i look at my own kids, i want them to take away from all of this rich culture is the values behind it, the importance of supporting family and communities and making sure that you not only work hard and remain dedicated in life, you're humble, you give back. ev—or not. do i just focus on when things don't work, and not appreciate when they do? i love it when work actually works! i just booked this parking spot... this desk... and this conference room! i am filing status reports on an app that i made! i'm not even a coder! and it works!... i like your bag! when your digital solutions work, the world works. that's why the world works with servicenow. >>>

palantir cofounder peter made news after throwing shade at warren buffett and the parish takes on crypto currency particularly bitcoin but as bitcoin plunges 50% from the record high in november, were beginning crypto minor marathon digital fred teal, no relation to peter and a fox business exclusive he joins us next, the s&p has dropped below 4000 in standard 3997. we have it on the lower right hand the dow down 589 that is a loss of 1.8%. the s&p down 3%, the nasdaq moving 4%, we're coming right back . . . you libow llua es yr casurainsue,nc ke howkeusto czed c sca t nioh 'll at perfe per wit pthes de..ose ar..ose e. hine[whi hi only pont yohat needt ♪♪ liberty.er y. liberib . only pont yohat needt this isn't dry food or wet food. it's not burnt brown pellets. the farmer's dog makes it simple to feed your dog real food. it's real meat and veggies. freshly-made. developed with vets. delivered right to your door. that's why dog lovers are choosing the farmer's dog. a smarter, healthier pet food. delivered. visit tryfarmersdog.com and get 50% off your first box of food. for investors

you have something for us from warren buffett. >> warren buffett is -- i disagree with some of his policy analysis. when it comes to stock markets and how inflation affects people and corporations together, i think he nailed it way back in 1977 before we had a huge spike just as we were beginning our big inflation spike of the late 70s. he said the math makes it plain inflation is a far more devastating tax than anything enacted by our legislators. the inflation tax has a fantastic ability simply to assume capital. capital is savings for individuals. companies call it investment and use that capital for investment. the president claims he is a capitalist because he would agree with statements like that but he goes on with policies that are responsible for the inflation that is destroying capital. >> harris: yeah. well, what republicans are hoping that voters will do in the mid-terms is say what has changed for me with the new president? when the answer is what you just said, all of that inflation information and the pain they feel at the pump, they will vote accordingly. >> it is not goin

this is classic warren buffett, he has often criticized brokerage firms. they pedal sophisticated instruments that go far beyond hedging, trades that make firms money but they don't create any value in the economy. retail traders have flooded the market bringing more volatility. all this gambling does create opportunity for him when the casino badly undervalues something buffett goes shopping. berkshire spent $41 billion on stocks in the first quarter. buffett and charlie munger had no kind words for cryptocurrency. buffett says it isn't worth anything because it doesn't produce anything. munger calling bitcoin stupid, john, evil, he said it makes people look foolish snoond at bitcoin people look at those guys -- >> the crypto bros are like you are in a different generation, a different planet than they are on in crypto world. >> go back to the parlours they say. >> the gambling parlor. >> romance, thank you very much. >>> so oprah wintry reveals she spent 322 days straight inside her own home during the pandemic and now she's upset over what she calls ame

warren buffett had strong words to say about that. plus a powerful tornado tore through wichita, kansas, leveling hundreds of buildings. look at this. we'll have more on that storm and the damage it did when "morning joe" returns. "morning joe" returns. ♪ crossed the desert's bare, man. ♪ ♪ i've breathed the mountain air, man. ♪ ♪ of travel i've had my share, man. ♪ ♪ i've been everywhere. ♪ ♪ i've been to: pittsburgh, park ♪ ♪ gravelbourg, colorado, ♪ ♪ ellensburg, cedar city, dodge city, what a pity. ♪ ♪ i've been everywhere, man. ♪ ♪ i've been everywhere, man. ♪ ♪ i've been everywhere. ♪ and it's easier than ever to get your projects done right. with angi, you can connect with and see ratings and reviews. and when you book and pay throug you're covered by our happiness check out angi.com today. angi... and done. trelegy for copd. [coughing] ♪ birds flyin' high, you know how i feel. ♪ ♪ breeze driftin' on by... ♪ if you've been playing down your copd,... ♪ it's a new dawn, it's a new

warren buffett saying he wouldn't buy all the bitcoin in the world for $25. take a listen. >> whether it goes up or down the next year or five years, ten years, i don't know, but the one thing i'm pretty sure of is that it doesn't -- it doesn't multiply, it doesn't produce anything it's -- it's got a magic to it and people have attached magics to lots of things. >> in my life i try and avoid things that are stupid and evil and make me look bad in comparison with somebody else, and bitcoin does all three >> that's buffett's number two charlie munger chipping in with choice words for bitcoin the buffett previously referred to it as rat poison and a m mirage he was called a sociopathic grandpa for those comments. >> he doesn't invest in tech that he doesn't understand, and so the key question here is do you need to understand the technology behind bitcoin and other cryptocurrencies to invest in it. many mt. space would say no, and draw parallels to the internet saying people didn't understand the internet at the beginning. we'll see what happens, but don't forge

this is the concept of what warren buffett has given us. as i say in the book in the digital age what constitutes a mode or superior business is quite different than in the late 20th century. jack: you write about throwing alligators and sharks in the moat so nobody can cross. give us some examples of 21st-century modes, coca-cola and amex. al: at these levels the first is alphabets, google has a 95% share, online search. being microsoft spend, couldn't do it. amazon made a run at google, couldn't build search. bezos told people to climb it but you can't move it. that is the business you want. the other one is amazon, they have almost 50% share of e-commerce, long tanked margins have 10% margin share. those are two proven battleships for the 20 first century. jack: i want to ask about amazon. a big question, as wonderful as these companies are, the valuations are pretty steep by historical standards. bond rates have come down for 40 years. rates are rising for the next 40 years, could valuations go back to the levels they were in the 80s so

today, warren buffett compares financial advisers to gamblers. >> reporter: i'm michael george on wall street. stocks take a dive, ramping up fear over the economy. ho

of warren buffett and charlie munger's views on gold is now siding with omaha's dynamic duo when it comes to cryptocurrencies. the big gold bug on planet earth joins me on this week's edition of everyone talks to lized podcast. liz podcast. peter's warning about where he believes bitcoin is going next. it's available on apple, google, spotify, wherever you get your podcasts. well, look at this, the s&p is now down just 24 points after having been lower by 78. we do have a tiny bit of a comeback. dow is still lower but now just by 119. you've got to watch the end of this one. stay tuned, we're coming right back. ♪ every year we try to exercise more, to be more social, to just relax. and eating healthy every single meal? if only it was this easy for us. your shipping manager left to “find themself.” leaving you lost. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire bonnie boon i'm calling you out. everybody be cool, alright? with ringcentral we can pull bonnie up on phone, me

i want you to be in the driver seat and be like warren buffett, so make sure you've got cash even if it means you have to have a heart to heart with yourself and get rid of some of the names you know are not going to come back. you want to be prepared for the eventual rebound because i think it's right around the corner. we'll see what happens you don't necessarily force things here, but know that this market is still the greatest money making machine ever, don't be part of the giant washout so wall street can pick-up your stocks at a cheaper price. you want to be the one buying, you want to be the one in the driver seat, right, liz? liz: oh, yeah and you saw that 13 of buffett's filing for berkshire and occidental petroleum and activision blizzard, thank you, charles. dow bulls making a late afternoon stampede, the blue chips down as many of 268 points this morning, now, up about 241, the s&p up 12, as it joins a late session reversal of fortune the nasdaq still lagging as former goldman sachs ceo lloyd blankfein now warns about a recession ahead. our floor show traders are here

does anyone want to implement warren buffett? do you you can buy something, forget if you're early, two years, six months from now, four years from now you will make a bunch of money? is anybody saying kenny, find me those ideas? >> i think they're always saying find me ideas. they're nervous. charles: i get it. i hate to, i sometimes i feel like if the guests come on they don't want to say hey buy now, market goes down, next time they come on they feel under pressure. there is something you feel you want to buy now even if it goes down near term? >> i buy on the weakness. i'm not chaising on up days, i don't chase it. on down days i add to the names we've been talking about, right? for me reflects my age, where i am on the risk scale. but there are big quality, dividend paying names. multinationals. charles: right, right. erin, recession. >> yep. charles: there is debate going on. jpmorgan said the market suggests we're 70% in recession. i think most people watching in their own personal lives we're in recession so forget the se

monday and tuesday -- warren buffett. he now has a more than 15% stake in occidental, he was buying chevron, activision blizzard, what do you see today? charles: let's not forget he was buying up apple, and he said the only reason he stopped is it went up. liz: liz: not today. charles: you're absolutely right, he's probably someone our viewers, long-term investors funding their 401(k), looking to make a little extra money than they have in traditional accounts on the street, you know, this is a lesson they need to be reminded. so i don't think it's about pinpointing the exact bottom. it's more of a question and certainly if there are names that you like, look at them through price to sales ratio, even more so than price to earnings because even there i look at price to forward earnings. we're looking extraordinarily cheap. oracle of omaha, he's buying oil just as we keep hearing oil can't go that high because of esg and other things. he's loading up on apple whenever it gets hit. it's the most amazing company in the world

and warren buffett talks about it all the time, investing is not a game where the guy with 160 iq beats the guy with 130. it is about temperament. temperament is a super power as an investor. on a day like today, that's the most important thing to keep front of mind. >> pete, the move lower in technology and nasdaq is nothing short of stunning. you take a look, throw it back up we're at the lows of the day for the nasdaq and the overall market, too, loss of nearly 1200 points for the dow-jones industrial average, but what's happening in the nasdaq is a stunner, names like microsoft down almost 15 bucks loss of 5% apple, for example some of the very stocks josh said yesterday are the ones that need to hold up. the ones you need to watch closer than everything else to find out if the rally had legs here's a story apple down 5%. we are approaching levels that were key lines in the sand, pete what are you watching today specifically >> i think the reality is just like when we saw big moves to the up side, everybody participates, same with moves to the down side. seems like everywhere they'r

maria: well, warren buffett made some big moves in an sec filing released yesterday. he's betting $2.9 billion on citigroup. that is certainly a mover this morning. one of the other stocks that's lifting the dow industrials. the the berkshire filing cut many of the bank holdings in the midst of the pandemic, but they bought citigroup. they also bought paramount bigtime as well. citi group's shares are up 5.5%, paramount if also up big on this filing for berkshire hathaway. it's one of the big movers. what do you make of this buy from berkshire? >> i think these are very, very inflationary buys. financials do well, they did big, big buys in energy, right? occidental, more buys of chevron. these are all companies that have pricing power which i think, you know, look, again we know inflation's going to be higher than the last decade, warren buffett if when -- greedy when others are fearful. he's picking up companies that have great dividends, great pricing power. this is what you should be doing with your money right now. warren buffett knows you need to get a return on

warren buffett loves it when everybody is panicking. that is when he keeps his head about him and buys or loans companies with a down spell but are sturdy companies. he is focusing on one company in particular, occidental. that stock is up five, almost 6% today, 5.7% i believe it is on the daily trade. is making a right bet there? >> look, warren buffett is notorious buy when blood is on the street, be greedy when others are fearful. a little bit interesting with oxy, energy, david, last year, coming into this year has been the best performing. when you look at that on go forward basis not quite as cheap but he is also dipping his toes into names he likes like apple which is beat up a lot more here. as an investor you have to take a look at your portfolio. in my view probably not the time to start adding to winners that are up 30, 40, 50%. i would rather be looking at stocks that have gotten beaten up, a lot of names down 40, 50%. you're probably better off putting your money there. david: i want to stick to energy for a second here. we