March 3, 2008, from 6 to 9 am ET, Berkshire Hathaway Chairman Warren Buffett sat in Nebraska furniture market and accepted a live interview with Becky Quick, host of CNBC Radio's "Speaker" column.
The following is the full text of the day's program compiled by Burrelles Luce, a major media testing agency in the United States.
becky: Warren, I will quickly read some of the audience's questions. Guys in the control room, please be careful to keep up with me. Phil Nielsen of Durham, Connecticut asked: "Have you ever bought and sold stocks on the same day?"
Buffett : Maybe there has been. I bought my first stock when I was 11 years old, which should be 66 years ago. I started late, but you know, I've been trying to make up since then. There may have been one or two times, and I don't remember it.
Becky: Do you remember doing this?
Next question, Celeste of Bridgeport, Connecticut asked: "Who do you think is the smartest person in today's financial circle that you will accept its advice?"
Buffett: There are some people who are very smart. Bill Gross is very smart, Charlie Munger is as smart as them. Sometimes, even if I don't want to, I will listen to Charlie's advice. Obviously, the 4 candidates who are going to take over me are also very smart.
Becky: Are you referring to those 4 candidates who are expected to become chief investment officers of Berkshire?
Buffett: Yes. I don't know much about people who are now 30, 40 and 50 years old as I was at that age, so I won't use the standards of the past to measure today's investment managers. I can assure you that there are indeed some very smart people in these age groups. In fact, at our annual shareholders' meeting, I saw many such smart people.
Becky: Warren, give some ideas to those who are paying attention to the market fluctuations today. US stock futures index has been under pressure. What will you say to people? Do we need to worry about this?
Buffett: What I want to say is that if they are worried about market fluctuations every day, they should not buy stocks.
Becky: Warren, thank you very much for accepting the 3-hour interview in our "Speaker" column. We've been hearing letters from viewers, including Jack Welch, who said it's the best episode of the column ever.
Joey: Yes, great.
becky: Warren, thank you very much for being with us today. We are very grateful for this.
Karl: Although I think he will hope to report some news titles and talk about stocks next time he participates in our program, right?
Joey: I just thought of - Warren, the first stock you bought was City Service, right?
Buffett: Yes. It is the preferred stock of City Service.
Joey: This is an oil company.
Buffett: at the time its share price was $6 and had a large amount of unpaid dividends-there was $100 late dividends.
Joey: I remember it, I have heard of this stock. This is awesome.
Thank you very much, Becky. Thank you very much, Warren Buffett, for taking up so long for you. This is really awesome.
becky: Thank you very much, guys.
Kal: is amazing, it's amazing.
Buffett: Thank you very much.
# "Exclusive interview with Buffett by CNBC in the furniture city"·End
