warren buffett office tour

Take A Tour Of The Office Warren Buffett's Been Working In For 50 Years

This week, investment firms filed their 13F forms and disclosed their long positions in stocks.

And as usual, one of the most anticipated 13F belonged to the Oracle of Omaha, Berkshire Hathaway's Warren Buffett.

Since everyone has been focusing on what Warren's been doing, we though we'd add something to the conversation and show you where he was doing it.

So what follows is a guided tour of the office Buffett's been in for 50 years.

You can just feel the magic.

Buffett's famed holding company, Berkshire Hathaway, has been based in this Omaha building for 50 years.

Nebraska, so there's got to be football memorabilia.

A University of Nebraska at Lincoln football helmet signed by former coach Tom Osborne. Plus, a mini Buffett.

This sign is inspired by the Notre Dame football locker room, which has "Play Like A Champion Today" over the top of its doors.

Buffett has his employees touch this every morning, so they can be as successful at investing as Notre Dame is at football.

Down a hallway of sports-related photos. Buffett is pointing to a picture of former Red Sox Ted Williams, he takes a lot of tips from Williams' book 'The Science Of Hitting.'

Buffett with Tiger Woods. Buffett was his caddy for an event in Iowa; Buffett joked that Woods gave him a bad tip.

This is Buffett heading to his office.

The office is filed with photos of people that are important to Buffett.

This is a photo of Buffett's father when he ran for Congress in 1942.

Notice that the office has no computers, the phone is the most prominent piece of technology. Buffett says all he needs is paper documents and the phone.

Buffett spent $100 to take a Dale Carnegie course when he was 21 because he was terrified of public speaking. The course helped him propose to his wife.

Next to the Dale Carnegie certificate is the Presidential Medal of Freedom Buffett received from President Barack Obama in 2010.

A baseball signed by legends Willie Mays, Ted Williams, Joe Dimaggio, etc. Buffett said it is a present from a friend.

There's a World Book Encyclopedia set on Buffett's shelf (remember, no computer).

A signed copy of the Fortune cover that Buffett shares with his buddy Jay-Z.

Buffett's kids.

There's a bonus photo at the bottom: Microsoft founder Bill Gates with the Berkshire Board of Directors, sharing milkshakes!

That's all now, bye bye!

Here is the tour in video form

Maybe this will compensate for the fact that we don't get to see buffett's house>.

This Sick Hamptons House Built By A Merrill Lynch Partner In 1915 Is Now On Sale For $25 Million

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Take A Tour Of Warren Buffett's Office At Berkshire Hathaway

The Oracle of Omaha is now 83 years young.

And he still works.

Even in this age of Bloomberg Terminals and high speed trading, Buffett doesn't even have a computer at his desk.

Yet he continues to be the undisputed greatest investor to ever live.

What follows are images from a guided tour that Buffett gave to Charlie Rose and CBS's Lara Logan.

Note: Reporter Lisa Du originally worked on this feature.

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Tracking top hedge funds since 2008

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Wednesday, March 21, 2012

Tour of warren buffett's office.

Value investors love to follow everything that is Warren Buffett . This is the first time we've really seen an in-depth tour of Warren Buffett's office in Omaha, Nebraska at Berkshire Hathaway. Some notable takeaways from the tour: Above a door, a sign that reads "Invest like a champion today." Also, Warren Buffett's office doesn't have a computer in it. Instead, he utilizes the phone and reads physical copies of annual reports. Old school. Here's the video interview with Charlie Rose featuring a tour of Warren Buffett's office : For more resources on the Oracle from Omaha, head to Warren Buffett's recommended reading list , as well as his 2011 annual letter .

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Warren buffett's video tour of berkshire hathaway headquarters continues:  why 'durable competitive advantage' matters.

CNBC's Becky Quick traveled to Omaha, Nebraska recently to shoot additional material for her one-hour special focusing on Warren Buffett's whirlwind tour of Asia.

While she was there, Buffett gave Becky an on-camera tour of the Berkshire Hathaway offices. He talked about some of the mementos he's collected and their personal significance to him, and to his investing style.

A small portion of that tour and conversation appears in Warren Buffett: The Billionaire Next Door - Going Global. (CNBC tonight, Friday, November 30, at 9p ET and 12 midnight ET.)

Here on Warren Buffett Watch you can see the entire walk-and-talk with Buffett and Becky. (My thanks to Becky and her ace producer Lacy O'Toole.)

This is Part Two. (The first portion appears in this previous WBW post .)

In this section, Buffett starts by showing Becky a photo of the original Berkshire mill, which leads to a conversation about how even strong companies can fall behind in an ever-evolving world.

Buffett : The picture of the Berkshire is right here. Here we are. Nice orderly office, and right up there is a photo of the big Hathaway Mill in New Bedford, Mass. That was there in 1960, well, I bought the first stock in '62, then in '65 when I took control, now it was over a million square feet. It had probably 50 million dollars of replacement value of machinery and equipment in there. When we finally gave up on the textile business 20 years later, we got less than $200,000 sold for scrap iron. And for that building which is over a million square feet, I got minus $250,000. I have to give up money. So that's, it shows you that gap accounting figures and fixed assets and all that, really don't mean much. It's much better on the Coca-Cola trademark than it is on a bunch of buildings and machinery.

Becky : You know, I never thought about it before, but part of what we're focusing on is just the idea of you going global and looking around and that's an early example of globalization and how it changed your investment theory.

Buffett : In the early, a century plus ago, if you lived in New England, you measured your wealth by looms and bobbins just like people in the Midwest measured their wealth by acres of land. And it turned to dust, basically.

Becky : Is it? You think it continues to do that in other industries today?

Buffett : It's, the world is always evolving. You know, I mean the job of a, somebody that allocates capital is to look out and see not so much, in my case at least, where the world was going but to make very sure that you know what the world is leaving. We like what we call durable competitive advantage. That company did not have, it had great workers, it had perfectly sound equipment. It was making something essential, men's linings and cloth for handkerchiefs and that sort of thing but it did not have any durable competitive advantage. And eventually it disappeared.

Becky : What industries today do you think are disappearing in that way?

Buffett : Well, you have to think about any industry that has a high labor cost. Because we are at a competitive disadvantage in the United States with industries with high labor costs. So if, there are probably exceptions, I mean they're not going to print the Wall Street Journal from China or India or something of the sort. But if you've got a business with a high labor content that's churning out kind of a basic product, you have to think twice about what's gonna happen to it. I was wrong in shoes, went into the domestic shoe business. I was dead wrong because this moved. And then in textile business, we're buying our furniture over there. Now we retail it, we don't manufacture. A domestic manufacturer has a terrible time now compared to 10 years ago. There's a lot of labor there and they're good.

Becky : Irv (Blumkin, Chairman and CEO of Nebraska Furniture Mart) said something today that kind of struck me. He said in China now, they're losing some of their factories. They're going offshore to Vietnam, cause it's cheaper labor there.

Buffett : That's capitalism. Even in a communist country that's capitalism. The world will seek low cost production as long as the quality is thought to be fine. And we want to be very careful if we're looking at a business if it's got a 40% labor content. Why is it here and what will keep it here? It won't be because we know something they don't know. I mean the Internet, all kinds of things. The world has gone flat in that respect. And so if you're looking for durable competitive advantage, I mean you're always looking for the chinks in the armor. Something that can cause a business that's good today not be good 10 or 20 years from now. You know, that's a prime example. That business, back right before World War Two, was making as much money as, almost any pharmaceutical company you can name. It was big, but no more.

Becky : What about a pharmaceutical company or something? Is that different because you need high quality controls, or...?

Buffett : Pharmaceuticals are different. The labor content is not big there. It's the quality of the research and that can take place anyplace. There are major pharmaceutical companies outside the United States that do well. But we will not lose our pharmaceutical industry because of low-cost labor someplace.

Becky : Now this, is something you received in South Korea.

Buffett : That's correct. The hospitality there was just terrific. I mean, the mayor, from the time we arrived to the time I left, I mean, he went out of his way. And he understood, we had never met before, but he understood Americans and he understood me. We got along terrifically and he's got a city he should be very proud of.

Becky : And I missed when he was giving this to you. What does this represent? Do you know? It's a gold crown but I couldn't remember exactly what it was. Oh wait, it says right here. National Treasure number 87. Never mind that doesn't really tell me what it is.

Becky : That's really beautiful. What did you think of South Korea? That was your first time there.

Buffett : Well, it was my first time there and I was really bowled over just like I was, frankly, in China too. But here was a city I really didn't know anything about. I knew something about the Korean economy because I had this investment in Korean stocks, I knew the rapid strides it had made. But when we saw our factory there, whatever it may be, the mayor, it's just, you know, it's the place to be.

Becky : It was a beautiful country too, I didn't realize how hilly it was, when we flew in over.

Buffett : Didn't they say it's something like two-thirds hills or something?

Becky : 70% they said.

Buffett : Here we have, what do we have? 60 or 70 acres, that's scarce stuff over there.

Becky : Who are all these pictures of?

Buffett : These are the, most of the managers, and these are the heroes and heroines of Berkshire Hathaway. These are the people who I tell them their only job in life is to make me look good, but that's a tough job. But they do it. They run the businesses for us. They're out there everyday, tackling all sorts of problems. You know, personnel problems, customers, suppliers, all kinds of things. And they do it and they just tell me what they've done and then I write it up as if I'd done it.

Becky : Have you checked back in with Irv or talked to any of the guys since they got back from China?

Buffett : I haven't talked to them.

Becky : It was interesting to hear today how they made it through the rest of the thing. And he pointed out again that you just let them do their thing.

Buffett : Yeah. Well, I'd be crazy if I didn't. And we get a lot of schools that come here and a lot of them bring footballs. I'm ready to open up a sporting goods store. They bring a lot of nice things, I mean, sometimes they're very imaginative about the things. The University of Nebraska at Lincoln came the other day. They brought me a special book they'd made up about when my dad and my mother, who were both there, when they were at the Daily Nebraskan , the paper, and how they met there. And then they gave me all the pages when my dad was the editor. It was really nice but a lot of them do things like that. They're very imaginative.

Becky : That's really fantastic. Why is your face on a hockey body?

Buffett : There's no explanation for that. I don't know how that came about because I've never played hockey in my life. And I really don't know much about the sport. It wasn't a big sport in Omaha when I was growing up. So, baseball, football and basketball are much more of interest to me, but somehow people thought that that was sufficiently ludicrous to immortalize.

Becky : And that's left open for?

Buffett : Well, we've got about 45 managers now so we've got to get a lot more up here. And Deb loves the managers, so she's constantly ..

Becky : I see these are all signed to Debbie.

Buffett : Oh yeah, that's right. She is the one they relate to. I mean, they don't care what I do, but Debbie they're interested in.

Becky : That's great. Would you mind telling me the story about the one, this one? This one.

Buffett : This is a very old certificate of American Express. It goes back to 1866. Signed by Wells and Fargo, believe it or not. And there's one little phrase in here which says this stock is assessable. So in late 1963, early '64, when they had the great salad oil scandal, when American Express was in big trouble, shareholders, particularly institutions around the country, panicked because they felt that not only could this stock go to zero, but it could go to less than zero. They could get assessed. So, they dumped the stock and it created a great opportunity for us in buying it.

Becky : How much did you buy?

Buffett : We put about 40% of the partnership assets in it. It was the biggest position I ever established except for Berkshire Hathaway where we bought control. But in terms of a marketable security in my partnership years, this was the biggest holding we ever had percentage-wise.

Becky : Wow.

Buffett : Yeah, but it was a rare opportunity.

Becky : Any opportunities like that around today?

Buffett : Well, if there are I'm not going to talk about them in my sleep, let alone on CNBC.

Becky : I tried.

Buffett : I know. That's your job.

Becky : And ... what are these?

Buffett : This is a great present I received for my birthday this year from Alice Schroeder who is doing a book about me . And I had told her a story about the 1940 election and the collection of Willkie buttons I had and how it got confiscated. So she sent me this terrific collection of Willkie buttons. Well, I can even tell you his running mate, McNary , who was a Senator from Oregon in those days. And my dad was a very staunch Republican so I used to go around with all kinds of Willkie and McNary buttons on. But then I lost them and she sent me this for ..

Becky : How'd you lose them?

Buffett ; Well, it's a story she's probably going to write in the book.

Becky : That's neat.

Buffett : Yeah.

This is when I was the voice of James Madison on Liberty's Kids . So here's another check I haven't cashed yet. I'm really prepared for my old age.

Becky : Checks all over the walls.

Buffett : Framed checks, yeah.

Becky : This one you can barely read anymore.

Buffett : Yeah, that right. In fact, with these glasses I can't read it at all, but ..

Becky : Franklin Insurance Company of Philadelphia.

Buffett : I like history. I like financial history particularly. I used to read everything in sight on that. Sometimes I ask the students, for example, about the Northern Pacific Corner . These are MBAs from prestigious ... They don't know about it. But it's useful to realize how extraordinary things can happen occaisionally. But I was talking to Alan Greenspan about it and he knew all about it. He could practically give it to me hour by hour. There's some advantages to knowing, you should know financial history.

Becky : Yeah, absolutely. Any of your other favorites here?

Buffett : Well, it kind of falls off here. Oh, this is one where I got a nice award for writing ...

Becky : And you should for your annual report. That's great.

Buffett : This, of course, is the memo from the Long-Term Capital Management deal which came close but no cigar.

Becky : And how you scripted it out on scrap paper.

Buffett : Well, that was the fellow on the other end. That was the guy at Goldman Sachs, yeah. He was keeping his notes on what our deal would have been with Goldman Sachs if we bought it. And I was relying on memory then, which was better than it is now.

Here is the day of the Northern Pacific Corner, the New York Times from the next day. And here's a fellow who was on margin, brewer over in Newark, and he just, oh it says Troy, New York, and he's a brewer and when he got a margin call he just jumped into a vat of hot beer.

Becky : I guess that's one way to go.

Buffett : That's a good reason for not borrowing on margin. Those were famous days, but these stories get repeated in different versions. I mean, people would have said this couldn't have happened. The truth is, things, anything can happen. And I put in the annual report, I talked about finding a manager who not only could be aware of all the known risks but who could think about risks that hadn't yet occured. And that's the story of the Northern Pacific Corner. When two guys each buy more than 50 percent of a company and they don't want to sell at any price, you've got an interesting situation that's going to develop. And that's what happened.

Buffett: My ambition in life was to be a mattress tester. I thought that would be a great job. Just sit there and test mattresses all day. So I told that to the Blumkins, and when they came up with a special bed they said 'come around and test this one' and I pronounced it triple-A.

Becky : Do you have one?

Buffett : I think I've got one. I think I've got one. I can't tell you for sure. I mean, I told Astrid to get the mattress out there, and I'm sure she picked out " The Warren ," but I've never actually .. I don't know if there's a label on there that says that or ..

Becky : You've got to look under the sheets and check it out.

Buffett : Yeah, right.

Becky : That's what Irv says. 'I bet Warren wouldn't know.'

Buffett : Well, that's exactly right. I can't tell you what color the carpet is in my bedroom. Or the walls.

Becky : Really.

Buffett : No.

Becky : Why?

Buffett : I just don't see things like that.

Becky : Because you're too busy thinking about other things.

Buffett : I don't know about that. But whatever it is I don't really, I'm just not good at noticing things.

Becky : Do you know, if, how much of your furniture comes from Nebraska Furniture Mart?

Buffett : Oh, it all comes from there. It all comes from there. There's no question about that.

Becky : OK.

Buffett : I was with a friend of mine one time and I was describing some other woman at a party .. I better not tell this one!

Questions? Comments? Email me at [email protected]

It's not every day that one of the richest people in the world shows up at the Scranton, Pennsylvania branch of the Dunder Mifflin Paper Company looking for a job. But that's what happened when multi-billionaire Warren Buffett made a cameo in a Season 7 episode of The Office  (now streaming on Peacock ).

How to Watch

Watch every episode of The Office on Peacock .

Buffett, the business magnate and chairman and CEO of holding company Berkshire Hathaway, appeared in that season's finale, titled "Search Committee," playing a candidate for the regional manager position after Deangelo Vickers (Will Ferrell) falls into a coma. Deangelo had briefly replaced Michael Scott (Steve Carell) as branch manager after Michael left the company to follow his fiancée to Colorado. 

RELATED: The Office Ending Explained: Where Your Favorite Characters Ended Up in the Finale

Playing off the notion of Buffett being frugal in his personal life, his character fires off a series of questions about how much he'd earn for the gig. "Can you do any better on salary?," Buffett's character asks the hiring committee of Jim (John Krasinski), Toby (Paul Lieberstein) and Gabe (Zach Woods). "Unfortunately, that range is set at corporate," Jim responds.

"What about mileage when I use my car? I mean — gas ain't cheap, you know?," Buffett then asks. This prompts an exasperated laugh from Jim, who says, "We think that 25 cents a mile is pretty generous." Not satisfied, Buffett says, "How about 27, and uh, when I make long distance calls, will they be monitored or is it on the honor system?" All three members of the hiring committee just stare at him blankly. 

Needless to say, he didn't get the job. He was in good company though, as some other high-profile guest stars up for the gig also didn't get it. Jim Carrey, Will Arnett, and Ray Romano also made cameos in this episode as hopefuls trying to get Michael's old job. Even Ricky Gervais appeared as David Brent — his character from the original version of The Office that aired in the UK — to apply to replace Michael, the U.S. show's counterpart to David.

How Did Warren Buffett Land His Cameo on The Office ?

Before he was on The Office proper, Buffett starred in an elaborate, five-minute spoof of the hit NBC series for a scripted intro to Berkshire Hathaway's annual meeting, viewed by around 40,000 back in 2011. The production crew with The Office played along for the special Berkshire Hathaway video, with Buffett visiting the Scranton branch and getting some gentle roasting from the TV series' stars in-character. Michael Scott reportedly acknowledges Buffett as being "at least 90 years old and runs a company called Berkshire Hathaway that produces all of Anne Hathaway's movies."

Sadly, the video sketch itself was never released to the public, but it was apparently a hit at the shareholder meeting. But, Buffett had so much fun making his sketch, they decided to give him a little cameo on the series proper, thus his fictional role was born.

All nine seasons of The Office are now streaming on Peacock .

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Buffett gives tour of berkshire, warren buffett gives a personal tour on his modest office in berkshire hathaway's omaha headquarters..

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"Person to Person": Warren Buffett

November 16, 2012 / 8:19 PM EST / CBS News

Warren Buffett is one of the richest men in the world. His company, Berkshire Hathaway, owns or has a stake in over 70 businesses such as Coca Cola, IBM, and American Express. But this is no ordinary billionaire. He's giving 99 percent of his wealth to charity and he thinks rich people should pay higher taxes.

"Person to Person" take you to where Buffett's mega deals are done. His private office in Omaha, Neb., is as unconventional as the man himself.

• Special section: "Person to Person"

WARREN BUFFETT: Charlie, Lara -- I'm glad to have you here at world headquarters. (LAUGHS)

CHARLIE ROSE: Why Omaha for you?

WARREN BUFFETT: Well, you know, I was born here. I've always been happy here. II've lived various other places -- Washington D.C., New York. ...It's home. And I live five minutes from here. I've lived in the same house for 53 years. I've been in this building for 50 years. My car just automatically drives back and forth (LAUGHS). If I try to take it anyplace else, it won't go.

CHARLIE ROSE: So no desire to have lots of, a lot of mansions around the world, a big boat -- all those things that your wealth would allow you to do?

WARREN BUFFETT: I have every possession I want. I have a lot of friends who have a lot more possessions. But in some cases, I feel the possession possess them, rather than the other way around.

CHARLIE ROSE: There are some references to the University of Nebraska there, the Big Red. Does that football team mean something?

WARREN BUFFETT: It -- means a lot. Means everything. It -- in Nebraska, when there's a div -- when there's a divorce, the husband says, you know, "You can have the kids, I want the tickets." (LAUGHS) ...Yeah, come on and look around a little here. (CHUCKLES)

Here's a Nebraska helmet signed by Tom Osborne and a number of the top players. I've -- I've been red-shirted myself now for 61 years. But I'm ready to go when the need arises.

LARA LOGAN: I see there's a sign that you were pointing to there above your -- your hallway.

WARREN BUFFETT: Well, it -- if you leave the Notre Dame locker room, there's a sign, you know, "Play like a champion today," and -- and all the players touch that as they go out on the field. And I figure, with Notre Dame's record, you know, (LAUGHS) who I am -- who am I not...to argue with that? ...We just touch this every morning when we come in and hope for the best. (LAUGHS)

CHARLIE ROSE: Take us into the hallway.

WARREN BUFFETT: Let's go around, and we'll look at that.

CHARLIE ROSE: My goodness, look at this.

WARREN BUFFETT: We have all kinds of things here... Let's start with some of the sports material. Here's Ted Williams in his first game as a Red Sox player against Holy Cross.

CHARLIE ROSE: What do you admire about Ted Williams?

WARREN BUFFETT: Ted Williams described in his book, "The Science of Hitting," that the most important thing -- for a hitter -- is to wait for the right pitch. And that's -- exactly the philosophy I have about investing...Wait for the right pitch, yeah, and... wait for the right deal. And it will come... It's the key to investing.

CHARLIE ROSE: Is that Tiger Woods I see?

WARREN BUFFETT: This is Tiger Woods over -- I caddied for him some years ago down at Isleworth. He was a terrific -- he's a terrific student. I mean he -- (CHUCKLES) picked up all kinds of things from the tips I gave him as I caddied. And...

LARA LOGAN: Were you any good as a caddy?

WARREN BUFFETT: Well, I would say that based on the size of the tip, no. (LAUGHS)

LARA LOGAN: Can you take us into your office, Warren?

WARREN BUFFETT: OK, let's take a look.

LARA LOGAN: Wow, that's very nice.

WARREN BUFFETT: It's a nice office. It's perfect. I've been -- I'll be happy here the rest of my life. It -- you know, it -- it is home to me. (LAUGHS)

LARA LOGAN: How long have you been making deals from here?

WARREN BUFFETT: Well, I've been making deals from this building for -- for 50 years. ...and I love this building and wonderful landlord. And -- they keep the rent down for me. (LAUGHS) Well, I'm a happy guy here.

CHARLIE ROSE: Over your left shoulder, I see a picture of your father.

WARREN BUFFETT: Yeah, my dad. That's his campaign picture in 1942. He was 39 years of age then. And he ran for Congress. ...And that picture comes from his campaign card. ...he went on to -- have a few more terms.

CHARLIE ROSE: You said to me once, Warren, that he was your hero.

WARREN BUFFETT: Absolutely. Absolutely. I never saw my dad do anything as -- in his entire life that -- you wouldn't...feel good about being on the front page of the paper. And -- I mean he was, in every respect. He gave me unconditional love. He was -- supported everything I did. He was a terrific human being.

This is his desk right here, from, I don't know, 75 or more years ago. And my sister, older sister, Doris, found this little train that used to be on his desk when we were little kids...she had kept it...having found it, she gave it to me.

LARA LOGAN: There's no computer that we can see on your desk. Is there, does that really mean you have no computer in your office at all?

WARREN BUFFETT: Not in my office. I'm working on the abacus now. And if I get that mastered we'll go to the multiplication tables.

CHARLIE ROSE: There's hope for you yet. ...The phone seems to be the principle instrument there.

WARREN BUFFETT: Yeah. It's - it - it -- it is the principle instrument, that, and -- and the pile of reading material ... it's just a question of kind of gathering facts, which come in mostly via print, and then thinking about 'em. And if -- if I can make one good decision a year, you know, we'll do OK.

CHARLIE ROSE: Well, take the IBM investment which you recently made. I mean it is said...you were reading the annual report, and you saw opportunity there to invest in a company because you saw potential.

WARREN BUFFETT: Yeah. Charlie, I'd been reading IBM's annual report, literally, every year for 50 years. And then this year...I saw something that sort a clicked in terms of adding to my-- feeling of confidence. And -- so we spent $10-plus billion. (CLEARS THROAT)

LARA LOGAN: What would you say most investors do wrong?

WARREN BUFFETT: Well, they-- they-- think that what is important is next quarter's earnings. And they think they have to trade around, and they have to read news events and change their opinion ...And if people would...adopt the philosophy that they're buying something to hold for the rest of their life. ...they can't go wrong doing that.

CHARLIE ROSE: What are the other photographs in this room that -- that represent something (CLEARS THROAT) important to you?

WARREN BUFFETT: Well -- they almost all represent something important. I mean over here -- is my -- certificate from the Dale Carnegie course I took when I was 21. (CHUCKLES) I was terrified of public speaking. I -- oh, I couldn't do it. I couldn't get in front of a crowd and give 'ya my name. (CHUCKLES)

...And finally, I spent 100 bucks...And I took this course. And not only did I get so I could talk in front of people, you know, I can't stop talking in front of people. (LAUGHS) -- and during-- during that class, I should mention, Charlie, I proposed to my wife during that. So -- if I didn't get my $100 worth (LAUGHS) from that class. And--

CHARLIE ROSE: You also had received the Medal of Freedom from President Obama in 2010. Is that in this office?

WARREN BUFFETT: It's right here. I feel very good about that.

CHARLIE ROSE: What does the inscription say?

WARREN BUFFETT: Well, it -- it goes on and on. But it -- (LAUGHS) it -- it says some-- it says some nice things-- Charlie.

CHARLIE ROSE: Modesty -- modesty becomes you. (LAUGHS)

LARA LOGAN: This is the baseball you were talking about.

WARREN BUFFETT: Yeah, Willie Mays. We've got...Ted Williams, we got Joe DiMaggio all on the same baseball.

CHARLIE ROSE: Wow.

LARA LOGAN: Where'd you get that?

WARREN BUFFETT: Well, a friend gave it to me. And - and -- and it's got -- you know, it's got a bunch of my boyhood heroes, and they're still my heroes -- on there.

CHARLIE ROSE: The New York Post and other newspapers were full of your recent visit to New York, and...you were seen and photographed with Jay-Z.

WARREN BUFFETT: That -- that is true. And Jay-Z had been out here about a year ago. And what I did was I admired his tie about six times. I said, "Boy, that is a good (LAUGHS) looking tie, Jay." And (CLEARS THROAT) finally he said, "OK, you win, Warren." And he took it off and he gave it to me. (CHUCKLES)

So I thought if I went to this opening -- I wore his -- the tie he gave me. And then, when I saw him, I started looking at his tie. And I said, "You know, Jay, that is one good looking tie." And he said, "Warren," he said, "forget it, you only get one." (LAUGHS) ...but he is a very smart guy. And he's financially smart.

WARREN BUFFETT: Here are my children here. Here's Peter and Susie probably giving me little advice at the annual meeting. And that's my son, Howard, over there.

CHARLIE ROSE: There's also a picture among the board of directors of Bill Gates. And you have become...obviously, well known because of -- of the commitment to philanthropy and -- and giving -- $30 billion or more to Bill to -- as part of his foundation. That grew out of what?

WARREN BUFFETT: Well, it grew out of the fact that, when I was in my 20s, my wife and I decided, after we took care of ourselves and our family reasonably well, that we would probably have a lot of money left over. And the original idea was that I would pile it up, and then some day, she'd unpile it -- (LAUGHS) for philanthropy.

WARREN BUFFETT: But...I expected that she would outlive me, and she died in 2004. So I had to come up with another plan to take care of what would be -- now amounted to a very large sum of money, which I wanted to go back to society. ...I go to somebody that's better at it than I am.

And you've got not only Bill and Melinda Gates of the Gates Foundation, but you've got my three children, and I've left them-- or I'm giving them significant amounts for their foundations. ...And I feel very good about it.

CHARLIE ROSE: You know, there's a lot of talk about America, and whether America's in decline. We've had -- the president mentioned it in his State of the Union address. You feel good and optimistic about America and its future?

WARREN BUFFETT: (CHUCKLES) Charlie, America's not in decline. I mean I was born in 1930, just imagine that you had foreseen 25 percent unemployment, 4,000 banks closing, the Dow going, from the day I was born, from 250 down to 42? I mean all kinds of things, a world war coming on. But this country, it moves ahead.

CHARLIE ROSE: There is one thing that's come up. It's fairness. And you have been making the point...that it wasn't exactly fair for you to be paying at a lower tax rate than your secretary. ...There is also the -- now the Buffett Rule. Explain to us what the Buffett Rule is.

WARREN BUFFETT: It encompasses the idea that people who are extremely rich, who have benefited enormously from this society, should have a tax rate...that's at least as high as the people that work for them. And the people of this office averaged 36 percent.

My figure was 17 percent. So clearly-- something is out of whack. And, you know, nobody's gonna pay more than is required. Mitt Romney doesn't, I don't, you know. ...And, incidentally, I don't fault M -- Governor Romney at all. He paid what -- the Congress told him to. ...we were promised that a rising tide would lift all boats. A rising tide has lifted all yachts.

If you're gonna talk about shared sacrifice -- we have not had an ounce of shared sacrifice from the very rich.

CHARLIE ROSE: When you look at the future, your own future -- are there things that you want to accomplish? Are there goals that still are there for you?

WARREN BUFFETT: I'm doing what I love, Charlie. I -- I've got great news for you, Charlie.

CHARLIE ROSE: Yeah?

WARREN BUFFETT: When you're 81, you're (LAUGHS) gonna have more fun than you're having now. I mean 81 is a great year. (LAUGHS) I look forward to doing what I do ... I forget whether it was Mel Ott, when he was playing for the Giants or somebody, said, "You know, they -- you mean they pay me for this?" (LAUGHS) That's the way I feel.

CHARLIE ROSE: Warren, thank you very much. This been a remarkable visit.

LARA LOGAN: Thank you very much.

WARREN BUFFETT: Thanks for joining me.

(CHUCKLES) And Charlie, be sure -- be sure, if this is gonna be on with George Clooney (CHUCKLE), be sure you keep explaining to your viewers which one of us is which, because he gets called Warren a lot.

CHARLIE ROSE: Oh, does he really?

WARREN BUFFETT: And - and -- and your viewers are gonna get very confused about which one of us you're interviewing unless you make it perfectly clear. (LAUGHS)

CHARLIE ROSE: We'll do our best. We - we -- we're basically saying that -- that these are the two sexiest men in America today. So that's sort of --

LARA LOGAN: Yeah.

CHARLIE ROSE: -- the way we're pitching this.

WARREN BUFFETT: I think that's the way to do it. And I think saying the two is the best way to do it, because you wouldn't want him to feel bad if you're writing this, right? (LAUGHS). Thanks to both of you.

Buffett turns to leave and walks back towards his office.

CHARLIE ROSE: Thank you very much. Warren. Great to see you ...

WARREN BUFFETT: OK.

CHARLIE ROSE: Go back to work.

WARREN BUFFETT: OK (LAUGHS).

More from CBS News

Warren Buffet Hosts Berkshire Hathaway Annual Meeting Saturday—What You Need to Know

Berkshire Hathaway reports Q1 earnings earlier that day

UPDATE—May 3, 2024: This article has been updated to reflect analyst comments and more recent share price information.

Key Takeaways

• Berkshire Hathaway will report first quarter earnings and host its annual shareholder meeting tomorrow.
• Notably, the meeting will be led by Berkshire head Warren Buffett without Vice Chairman Charlie Munger, who died late last year.
• Greg Abel, who runs Berkshire's non-insurance business, is likely to follow Buffett as the CEO but investors will watch out for any succession-related announcements.
• Berkshire's first-quarter earnings, expected earlier that day, will put the company's operating earnings and commentary about business outlook in focus.

Warren Buffett, the legendary Oracle of Omaha, will take the stage to answer questions at Berkshire Hathaway's ( BRK.A , BRK.B ) annual meeting tomorrow soon after the company reports its first quarter earnings.

It's the first such event after the death of Buffett's long-time business partner Charlie Munger, which will put Vice Chairmen Greg Abel and Ajit Jain in the spotlight, with investors looking for details about succession planning and ways the company may be preparing for life after its two most successful leaders.

Berkshire Without Munger

Undoubtedly, one of the biggest shifts for Berkshire since last year's annual meeting is the loss of Charlie Munger . Munger, who was Buffett's right-hand man and vice chairman of Berkshire for several decades, died last November at the age of 99.

Buffett has credited Munger as the "architect of Berkshire" for developing the company's strategy of buying up "wonderful businesses purchased at fair prices and [giving] up buying fair businesses at wonderful prices."

At the annual meeting, investors are likely to feel Munger's absence. In the past, he and Buffett would regularly answer several hours of investor questions at these events.

Still, the 2020 annual meeting, held virtually and without Munger in attendance, means there is precedent for what Berkshire shareholders' annual pilgrimage may look like with only Buffett on stage.

"It particularly doesn't feel like an annual meeting because my partner of 60 years, Charlie Munger, is not sitting up here," Buffett had said at that time, adding that most people in attendance "really come to listen to Charlie."

Spotlight on Succession

In light of Munger's passing and Buffett's own age of 93, investors will seek more details about Berkshire's succession plans at the annual meeting.

Abel and Jain became vice chairmen of the company in 2018, leading the non-insurance and insurance businesses, respectively, and have taken on a larger, more public role over the past few years. At the 2021 annual meeting, an offhand remark by Munger suggested Abel as Buffett's successor at the helm of the company. Buffett confirmed that notion to CNBC later that day.

“The directors are in agreement that if something were to happen to me tonight, it would be Greg who’d take over tomorrow morning,” Buffett told CNBC.

And it's not only about the next person in the corner office. Buffett and Munger were known not just for their business savvy but their partnership. With a company as broad, diversified, and decentralized as Berkshire, it will be interesting to see how the next generation of leaders will live up to the legacy of that camaraderie.

"There is no question that the relationship Warren has with Charlie is unique and it's not going to be duplicated," Jain said at the 2021 meeting, according to Reuters . "We don't interact with each other as often as Warren and Charlie do. But every quarter we will talk to each other about our respective businesses."

Earnings and Business Outlook

Berkshire is expected to report its first-quarter earnings a little prior to its annual meeting. All eyes will be on the company's cash pile, which has swelled to record levels over the past few quarters.

CFRA analyst Catherine Seifert is looking for clues about Berkshire's appetite for acquisitions and the sectors that the company finds attractive for investments.

"We estimate Berkshire will have more than $170 billion of liquid assets it could allocate to acquisitions (as of March 31, 2024). That is a level of "dry powder" in line with what many top private equity firms have to deploy," Seifert wrote in a recent note talking about ten items that investors will watch out for from the meeting often referred to as the 'Woodstock for Capitalists.'

Buffett's last missive to shareholders painted the picture of a steady behemoth, but one that is unlikely to grow fast.

"All in all, we have no possibility of eye-popping performance ," Buffett wrote, lamenting the lack of investment opportunities for Berkshire that fit its criteria of companies that are capable of generating high future returns, are run by trustworthy managers, and are attractively priced.

Warren Buffett doesn't believe in net income as a metric for the company's profitability, something he reiterated in his February annual letter to shareholders. He cited the example of how Berkshire swung to a loss in 2022 compared with the prior year in terms of net income on account of unrealized trading losses. On the other hand, operating earnings (excluding unrealized capital gains or losses) show a more steady progression of growth in the last three years.

Mystery Stock, Apple, and Bets in Japan

While investors eagerly await Berkshire's Form 13-F detailing any changes to its portfolio for the first quarter, they will be on the lookout for any indications about how Buffett is thinking about Berkshire's investments. The deadline for Form 13-F filings for the first quarter is May 15.

One of the biggest questions has been the mystery stock that the company acquired sometime late last year but has requested the U.S. Securities and Exchange Commission (SEC) for permission to keep confidential.

Berkshire trimmed its position in Apple ( AAPL ), Paramount Global ( PARA ), and HP ( HPQ ) while buying more shares in Chevron ( CVX ), Occidental Petroleum ( OXY ), and Sirius XM Holdings ( SIRI ) as of December 2023. Others, such as Coca-Cola ( KO ) and American Express ( AXP ), are likely to remain staples within the portfolio.

However, Buffett's big bet on Japan via a 9% investment in each of five Japanese conglomerates called trading houses—Itochu, Marubeni, Mitsubishi, Mitsui, and Sumitomo—may come under pressure in the near term. Profits for the fiscal year ending March 2024 fell at four of the five companies that have reported so far, with Itochu expected to announce results next week.

Analysts had expected lower first-quarter earnings for the firms due to weaker commodity prices, with some projecting the pain to last longer, Nikkei Asia reported.

Berkshire's Class B stock has risen about 12% year-to-date, almost double the gains for the S&P 500 over the same period.

At yet, CFRA's Seifert wrote that Berkshire's Class B shares are "undervalued versus historical averages," adding that "improved claim trends at GEICO and strong reinsurance results will provide the shares with a catalyst for continued outperformance."

Read the original article on Investopedia .

Warren Buffett

• View history
• 1 On The Office
• 2 Spoof video
• 3 Appearances
• 4 References

On The Office [ ]

Buffett appeared in " Search Committee " as an unnamed candidate for the role of Regional Manager who haggled over money, playing on Buffett's reputation for frugality.

On the day Buffett arrived to film a spoof video (below), it occurred to Greg Daniels to use Buffett for the show. The scene was written on the spot and recorded during his visit. Daniels said that Buffett and Munger "were both great. Their comic timing is terrific." [1]

Spoof video [ ]

It became traditional for the Berkshire Hathaway annual meeting to include a funny video involving their chairman. For the 2011 meeting, the company received permission to record a sketch in which Buffett and Vice Chairman Charlie Munger visit Dunder Mifflin. The show agreed to do the video on the condition that it not be shown to the public. The following description comes from someone who was able to see it at the company meeting. [1]

Buffett arrives at Dunder Mifflin and is introduced as the Oracle of Omaha. Dwight scoffs, "Yeah, I'm Dwight Schrute, the Druid of Scranton."

Michael says that Buffett is "at least 90 years old and runs a company called Berkshire Hathaway that produces all of Anne Hathaway's movies." Buffett corrects him, saying that the company is "a collection of odds and ends. Mostly odds."

Andy brags that he graduated from Cornell, "an Ivy League school," compared to Buffett, who went to the University of Nebraska. Buffet replies, "I got turned down by Harvard. Best thing that ever happened to me."

Meredith suggests, "What do you say we take the 'D' off 'mutual funds' and have a little mutual fun?" Buffet answers, "I should have gotten here earlier."

Dwight realizes that this really is Warren Buffet and says "I look forward to serving as your Number 2." Buffett rejects him.

Charlie Munger comes in. Dwight says to him, "You don't look so tough." Munger threatens back, "There are 18 ways I could kill you right now."

Appearances [ ]

• " Search Committee "

References [ ]

• ↑ 1.0 1.1 Sellers, Patricia. " How Warren Buffett got a role in The Office finale ." Fortune. May 19, 2011.
• 1 Jim Halpert
• 2 Andy Bernard
• 3 Erin Hannon