Warren Buffett on CNBC_ Stocks Now 'More or Less Fairly Priced'

692014 Warren Buffett on CNBC Stocks now more or less fairly priced

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Warren Buffett on CNBC Stocksnow more or less fairly pricedAlex Crippen | alexcrippenThursday 19 Sep 2013 | 410 PM ET

COMMENTS Start the Discussion

Warren Buffett said stocks have moved a long way in the past five years

going from ridiculously cheap to more of less fairly priced now

We dont find bargains around but we dont think things are way overvalued

either Were having a hard time finding things to buy

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Daniel Acker | Bloomberg | Getty Images

Warren Buffett chairman and chief executive officer of Berkshire Hathaway Inc

In a live interview alongside Bank of America CEO Brian Moynihan on

CNBCs Closing Bell Buffett also said the US economy is continuing the

gradual increase weve seen since the fall of 2009 It just creeps along

(Read more Berkshire Hathaways 15 Biggest Stock Holdings)

Buffett said it appears the Federal Reserves quantitative easing hasnt

worked as well as chairman Ben Bernanke would like but he doesnt think its

been harmful either

In fact he said the economy might be doing even worse if there was no Fed

asset buying Maybe if they hadnt been doing it youd have seen ever less

than 2 percent (growth) Who knows

Buffett said we could be seeing the same slow rate of increase for quite

awhile but noted that he doesnt spend a lot of time trying to predict what the

economy will do

Ask who should be the next Fed chairman Buffett said he would have asked

Bernanke to stay in the job When you have a 400 hitter in the lineup you

dont take him out

He may want to leave but I think hes done mdash since the panic of five years

ago mdash I think hes done a terrific job And I think he ought to get a little bit

more of a chance to play out the hand

Even though he thinks it is unlikely Bernanke will be staying Buffett said he

has no second choice

We dont find bargains around but we dont thinkthings are way overvalued either Were having ahard time finding things to buy

-Warren Buffett Berkshire Hathaway Chairman and CEO

(Read more OK Warren Buffetts stock picks arent that great lately)

Buffett said he didnt have any great expectations one way or the other

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$1 million surpassing last years top offering

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its growing rapidly because of private

investment and federal support

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stocks but two stocks have tarnished that touch

for the year USA Today reports

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Thursday 19 September 2013 | 405 EDT | 1045

CNBCs Becky Quick is joined by Warren Buffett chairman and CEO of BerkshireHathaway and Brian Moynihan president and CEO of Bank of America to discuss theFeds decision to keep intact the bond buying program Buffett explains why he didnthave any great expectations on whether the Fed would taper or not And Moynihanfeels the economy is very constructive

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ahead of Wednesdays Fed announcement that it wont be reducing asset

purchases yet and it doesnt really make any difference to me in terms of

our business or investments whether its (the taper) zero of 10 billion or 20

billion Some day itll stop Maybe itll go the other direction

(Read more Buffett thanks BofAs CEO for $53 billion profit)

Moynihan said the economy has been very constructive with continued

increases in consumer spending and he doesnt see much downside risk for

it

Heres an unofficial transcript of the live interview

BECKY QUICK Maria thank you very much Gentlemen thank you both for

joining us today Again were here with Brian Moynihan and Warren Buffett I

know you gentlemen are here because youre going to be speaking to about

700 people just after this at the Center for Global Social Enterprise here at

Georgetown

But we wanna thank you for joining us in advance There has been an awful

lot of news an awful lot of surprise about what happened with the Federal

Reserve and Warren I just wanna wondermdash didmdash it took us by surprise Did

this catch you by surprise that the Fed decided not to taper

WARREN BUFFETT Well only because Id been reading everyplace that

people expected something but Imdash Imdash I dont have anymdash I didnt have any

great expectations one way or the other And itmdash it doesnt really make any

difference to me in terms of our business or our investments whether its zero

or $10 billion or $20 billion I mean someday itll stop andmdash (LAUGH) maybe

itll go the other direction

BECKY Although you had been telling us for a while that you didnt think QE3

was effective as some of the earlier programs had beenmdash

BUFFETT Well I think thats right which is probably why its (LAUGH) being

continued Itmdash itmdash it hasnt done the job yet that they hope thatmdash presumably

they hoped it would Somdash but itmdash I dont think its been harmful andmdash andmdash

whatmdash what you see in the economy is just this gradual increase which has

been going on ever since the fall of 2009 Andmdash and every now and then

people think its accelerating sometimes they think its decelerating

(LAUGH) Just basemdash (SLURS) it just kinda creeps along

BECKY You know Brian ever since this decision was made just about 26

hours ago weve been trying to figure out the Fed saw that everyone else

didnt-- or at least everybody that we were talking to ahead of time Youve

made-- an announcement recently that youd be laying off about 2000 people

because of the huge decline in demand for mortgages

I guess youre seeing some of what the Fed has seen in terms of mortgage

business Do you think that this move to continue with $85 billion a month will

make a difference when it comes to what youre seeing in terms of demand

for mortgages

BRIAN MOYNIHAN Well you saw it yesterday in-- in (UNINTEL) mortgages

tightened-- fairly dramatically So you know I think-- I think-- I second what

Alex CrippenSenior coordinating producer at CNBC

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Warren said You have an economy which we see very constructive growing

at you know 15 or 2

We dont see a lot of downside risk-- (UNINTEL) the usual things you can

make up But you dont see a lot of downside risks and then I think the Fed

just thinks it-- it-- and I think the chairman was clear about it yesterday Until

unemployments down hes gotta keep this economy goin the right directions

for fear that it might go in the wrong direction And mortgages are one way

that-- low mortgage rates help housing helps housing starts helps-- Warrens

carpet factories helps all the (UNINTEL)

BECKY What-- what are you seeing just in terms of the overall economy

Brian youve got the-- I think one out of every two American households-- the

business of Bank of America What-- what are you seeing in terms of the

economy

MOYNIHAN We still see consumers spending I mean in the data that we

see the spending for the month of September so far is about 5 to 6 over

last years September The Internet spend growth at twice that rate so you--

you might hear different retailers have different outcomes depending on

whether theyre on the Internet more or less

But the overall spending levels are up about 5 to 6 from last year And so

we can see-- ka-- see-- continue to move forward and then when you talk

about corporate side theyre very constructive Access to markets is there

and so its-- its okay And-- and the question is it just takes time And I think

people wish this were-- were going faster but its just a lot of work to take a

huge economy like ours and get it completely back to where people want it--

3-plus growth

BECKY Right Warren-- if QE3 hasnt been working to this point and the

Fed is now saying that we have to wait until we see the unemployment level

come down before this happens is it going to get us there faster

BUFFETT Well I (UNINTEL) being said it isnt working thus far I mean

because its hard to say what woulda happened if theyd gone the other

direction but it-- the economys improving But I think that probably Bernanke

was hope-- hoping to see an acceleration of the rate of improvement and

what hes seen I think is a continuation of more or less the same rate But

maybe if they hadnt been doing it you know it-- youd have-- youd have

seen-- even less than 2 Who knows (LAUGH)

BECKY I think my question was though it-- if-- if you look at them saying

We need to see a big pick up in the economy thats not necessarily

something thats going to happen next month or (UNINTEL) after it--

BUFFETT No No no Who knows what is gonna happen It-- no you could

be looking at this rate for quite a while But I dont-- Im-- Im not good on that

sorta thing and I-- and I-- it-- I really dont try and predict it

BECKY Brian I know the next Fed chairman is going to be your regulator

Do you know Janet well-- Yellen well And do you have any thoughts about

who youd like to see as the next Fed chairman

MOYNIHAN I can-- we know all the candidates and not-- sure that thats a

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question that (LAUGHTER) anybody will answer I think its up to other people

to make that decision and well-- you know well work constructively with all

the candidates that Ive heard mentioned And Im sure theres some I havent

thought of but-- they-- we work constructively with the Fed and always will

BECKY Warren how about you Who do you think the next Fed chairman--

BUFFETT My--

BECKY --should be

BUFFETT Well I know who-- well I-- I think Bernanke-- I think if youve got a

400 hitter in the lineup you dont take him out And-- you know he may-- he

may wanna leave but I think-- I think hes done-- since-- since the panic of--

five years ago-- I think hes done a terrific job And-- I think he oughta get a

chance to play out a little more of a hand

BECKY Meaning you think the president should ask him to stay for another

term

BUFFETT Thats what I would-- yeah I dont think thats necessarily gonna

happen (LAUGH) but I-- but thats-- thats what I would do

BECKY If Bernanke doesnt want to do that who do you think should step

in And who would be your second choice

BUFFETT Yeah well I-- Id-- I dont have a second choice But-- I-- I dont-- I

dont know-- I dont know Janet Yellen at all And-- and-- I just dont know

enough about the various candidates to come up with a second choice I

know Bernanke in my view is very very good So-- and-- I would-- I would not

trade him away anymore Id trade some of our great managers at (LAUGH)

Berkshire away

BECKY What-- what do you worry about in terms of what the Fed is facing

and how difficult the exit strategy might be

BUFFETT Well there-- whoever has that job at some point is going to have

to do something thats pretty much unprecedented starting with a $35 trillion

balance sheet still growing And-- its easier to buy than to sell Now they dont

have to sell

I mean the-- the-- the-- the-- but-- (COUGH) playing out the last-- the-- the last

half of this game is-- is very different than the-- the first half Brian would know

a lot more about that than I would but I-- (CLEARS THROAT) I-- I think

Bernanke oughta be given a chance to-- to play the whole game rather than

just the buying end of it (CLEARS THROAT)

BECKY Brian what do you think just about the exit strategy We-- we spoke

with Stan Druckenmiller today and he said that he worries the academics at

the Fed dont necessarily know some of the problems that could come up

with this exit strategy

MOYNIHAN Well I-- I think-- theyve studied it theyve thought about it

Theyre playing out the exit strategy as we speak right In other words the

dialogue and the transparency and the clarity-- so you know if you speak the

people who work on a trading desk around Wall Street yesterday a lot of em



were set up the wrong way

It-- thatll happen Itll go through the system the-- the tenure bonds re-

stabilized and-- at a different level But remember it doesnt go far back that

it was 100 basis points lower So the first 100 basis points was-- what-- a

60 move as opposed to 10 move And you know so hey it-- it has to

be care-- carefully crafted not only in the United States but around the world

But I think people can get into the science of this and I think the clarity that

has been through a central banks is well out as the economy improves And

thats the piece people are missing Theyre thinking theyre getting out

without the economy improving to the rate they want

Given a strong economy go on-- whatever rate that they need to feel that the

unemployments comin down thisll be-- I think some-- more-- less of-- a

pressing question given the first thing And-- and theyre not gonna get out

until there is a strong economy so you have sort of a chicken and egg thing

BUFFETT And I think think its impossible that five years from now that youll

have a $35 trillion Fed balance sheet I mean they may-- they may take it

back to whether or not going one direction or the other but I-- I dont think its

impossible that they-- they just decide theyll sit at $35 trillion like they used to

sit at $15 trillion

BECKY You know we-- Stan Drunkenmiller also said today that-- in terms of

QE3 as a citizen hes concerned but he said as a money manager he

thinks this is great news because he thinks equities will move higher at least

in the intermediate term What do you think about that Warren--

MOYNIHAN Well--

BUFFETT The lower interest rates are the-- the more assets are worth

basically And-- and to the extent that-- that QE3 is-- is-- is keeping interest

rates-- rates lower than they would otherwise it probably keeps asset prices

somewhat higher than they might be otherwise

But theres other variables I mean if-- if that doesnt exist its maybe

because business is a lot better So the-- theres more than one variable

Theres-- theres-- theres really dozens of variables but interest rates are a

terribly important variable in evaluation of assets (CLEARS THROAT)

BECKY When you look around at the market though its definitely moved

significantly over the last four or five years

BUFFETT Sure--

BECKY Weve seen some major-- pick up When you look around are there

still deals that you can see like the deal that you did with Brian-- with Bank of

America Do you still see good positions Or have stocks just moved too

far

BUFFETT Theyve-- theyve moved a long way They were very cheap five

years ago and-- ridiculously cheap And-- thats been corrected Theyre

probably more or less fairly priced now I mean I dont think-- we-- we dont

find bargains around-- but we dont think everything-- things are way over

valued either Were having a hard time finding things to buy



Warren Buffett Brian Moynihan Berkshire Hathaway Inc

Bank of America Corp Closing Bell

BECKY OK great Were gonna continue this conversation and we will-- air

it tomorrow morning on Squawk Box but Maria in the meantime is there a

quick question that you have for either Brian or Warren

MARIA BARTIROMO Well I guess I would just say Becky Id like to get

their thoughts on regulation It seems like the profit story is very much in

place but as the profits have gone up for so many companies so have the

expenses for regulations JPMorgan paying $800 million Whats on the

horizon for Bank of America in that regard

BECKY Brian Maria asks just in terms of regulation-- obviously you see

whats happened with JPMorgan today with the amount that theyre spending

on this With the expenses that have gonna up along with this can you just tell

us whats on the horizon with the regulatory front for-- Bank of America

MOYNIHAN Well we-- weve had-- a lot of-- discussion about this the last

few years with Maria and others and yourself-- because we got through this--

but we got-- this-- some (SLURS) issues especially on the mortgage area

earlier We put a lot of it behind us

We continue to work through it But I think you know this-- this is a period in

which a lot of regulations got pass the stuff-- all the different things that we

werent doing right But if you look at it from the broad perspective we

doubled our capital in our company and in the industry

Weve quadrupled the liquidity Weve reduced the size of the commo-- of the

Merrill Lynch-Bank America combination by a third and we simplified the

company And I think that-- that is where the right place to take it for the

customers was and the shareholders I think most of the people in the industry

are doing that And I think the regulations are pushing harder towards that

outcome

BECKY All right gentlemen thank you very much Were gonna continue this

conversation as we mentioned on tape Maria right now Ill send it back to

you and-- well have the rest of this conversation tomorrow morning on

Squawk Box

Alex CrippenSenior Coordinating Producer

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Daniel Acker | Bloomberg | Getty Images

Warren Buffett chairman and chief executive officer of Berkshire Hathaway Inc

In a live interview alongside Bank of America CEO Brian Moynihan on

CNBCs Closing Bell Buffett also said the US economy is continuing the

gradual increase weve seen since the fall of 2009 It just creeps along

(Read more Berkshire Hathaways 15 Biggest Stock Holdings)

Buffett said it appears the Federal Reserves quantitative easing hasnt

worked as well as chairman Ben Bernanke would like but he doesnt think its

been harmful either

In fact he said the economy might be doing even worse if there was no Fed

asset buying Maybe if they hadnt been doing it youd have seen ever less

than 2 percent (growth) Who knows

Buffett said we could be seeing the same slow rate of increase for quite

awhile but noted that he doesnt spend a lot of time trying to predict what the

economy will do

Ask who should be the next Fed chairman Buffett said he would have asked

Bernanke to stay in the job When you have a 400 hitter in the lineup you

dont take him out

He may want to leave but I think hes done mdash since the panic of five years

ago mdash I think hes done a terrific job And I think he ought to get a little bit

more of a chance to play out the hand

Even though he thinks it is unlikely Bernanke will be staying Buffett said he

has no second choice

We dont find bargains around but we dont thinkthings are way overvalued either Were having ahard time finding things to buy

-Warren Buffett Berkshire Hathaway Chairman and CEO

(Read more OK Warren Buffetts stock picks arent that great lately)

Buffett said he didnt have any great expectations one way or the other

FEATURED

Singapore man pays $22M for Buffett

mealA lunch with Warren Buffett has been bought by

Andy Chua from Singapore for 2166766 in an

annual charity auction

Buffetts charity lunch bid tops $1MWarren Buffetts annual auction to benefit a San

Francisco charity has drawn a bid of more than

$1 million surpassing last years top offering

Why Buffett and Google love the

MojaveThe US is the third-largest solar market and

its growing rapidly because of private

investment and federal support

Two stocks costing Buffett $500M this

yearWarren Buffett may have a magic touch with

stocks but two stocks have tarnished that touch

for the year USA Today reports

MORE FROM BUFFETT WATCH

Lunch with Warren Buffett up for grabs in auction

Can Buffetts Dairy Queen make it in Manhattan

Warren Buffett raises his bet on Wal-Mart

Secret to Berkshires success might surprise you

CNBC Transcript Buffett Munger and Gates

Buffett Congress likely to tackle tax-dodging

mergers

Gates Munger amp Buffett slam high-speed trading

Buffett Munger call themselves a couple of

Gates New CEO pushes Microsoft to move faster

Buffett postgame Its human for CEOs to overreach

Buffett Economy continues to just creep along

Thursday 19 September 2013 | 405 EDT | 1045

CNBCs Becky Quick is joined by Warren Buffett chairman and CEO of BerkshireHathaway and Brian Moynihan president and CEO of Bank of America to discuss theFeds decision to keep intact the bond buying program Buffett explains why he didnthave any great expectations on whether the Fed would taper or not And Moynihanfeels the economy is very constructive

Stunning Pictures ofGrease Star OliviaNewton Johnhellip(Lonny Magazine)

Deloitte Unprecedentedsurge in mininginvestment(YouTube)

Charles KrauthammerlsquoThe President Now IsToxicrsquo(Downtrend)

Killer Tips for WritingPersuasive Sales Emails(Yesware)










it






Georgetown




























for mortgages




INVESTING rsaquo
























MOST SHARED rsaquo









at you know 15 or 2











economy












3-plus growth
























4 Top Stock Picks

5 10 Best ETFs

Sponsored








BUFFETT My--

BECKY --should be







term










Berkshire away






have to sell


































sit at $15 trillion





MOYNIHAN Well--











BUFFETT Sure--




far



































outcome




Squawk Box


RELATED TOPICS

Price Change Change

BRKA 19191700

-97800 -051

BAC 1584 025 160













Top Stock Picks

10 Best ETFs


5 Stocks to Buy

Top Mutual Funds


Stocks Under $10

Sponsored










12 comments





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it






Georgetown




























for mortgages




INVESTING rsaquo
























MOST SHARED rsaquo









at you know 15 or 2











economy












3-plus growth
























4 Top Stock Picks

5 10 Best ETFs

Sponsored








BUFFETT My--

BECKY --should be







term










Berkshire away






have to sell


































sit at $15 trillion





MOYNIHAN Well--











BUFFETT Sure--




far



































outcome




Squawk Box


RELATED TOPICS

Price Change Change

BRKA 19191700

-97800 -051

BAC 1584 025 160













Top Stock Picks

10 Best ETFs


5 Stocks to Buy

Top Mutual Funds


Stocks Under $10

Sponsored










12 comments





AROUND THE WEB

ALSO ON CNBC





WHATS THIS

Home Sales

Slowing Say

Realtors

World News


Favorite

NEW S

Economy

Finance

Health Care

Real Estate

Retail

Wealth

Autos

Earnings

Energy

Media

Politics

Commentary

Special Reports

Asia

Europe

MARKETS

Pre-Markets

US

Asia

Europe

Stocks

Commodities

Currencies

Bonds

Funds

ETFs

INVESTING

Financial Advisors

Personal Finance

CNBC Explains

Portfolio

Watchlist

Stock Screener

Fund Screener

TECH

Recode

Mobile

Social Media

Enterprise

Gaming

Cybersecurity

SMALL BUSINESS

Franchising

Financing

Management

VIDEO

Latest Video

Digital Workshop

US Video

Asia Video

Europe Video

CEO Interviews

Analyst Interviews

Full Episodes

Closed Captioning

SHOW S

Watch Live

CNBC US

CNBC Asia-Pacific

CNBC Europe

CNBC World

Full Episodes











at you know 15 or 2











economy












3-plus growth
























4 Top Stock Picks

5 10 Best ETFs

Sponsored








BUFFETT My--

BECKY --should be







term










Berkshire away






have to sell


































sit at $15 trillion





MOYNIHAN Well--











BUFFETT Sure--




far



































outcome




Squawk Box


RELATED TOPICS

Price Change Change

BRKA 19191700

-97800 -051

BAC 1584 025 160













Top Stock Picks

10 Best ETFs


5 Stocks to Buy

Top Mutual Funds


Stocks Under $10

Sponsored










12 comments





AROUND THE WEB

ALSO ON CNBC





WHATS THIS

Home Sales

Slowing Say

Realtors

World News


Favorite

NEW S

Economy

Finance

Health Care

Real Estate

Retail

Wealth

Autos

Earnings

Energy

Media

Politics

Commentary

Special Reports

Asia

Europe

MARKETS

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US

Asia

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Stocks

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Currencies

Bonds

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INVESTING

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CNBC Explains

Portfolio

Watchlist

Stock Screener

Fund Screener

TECH

Recode

Mobile

Social Media

Enterprise

Gaming

Cybersecurity

SMALL BUSINESS

Franchising

Financing

Management

VIDEO

Latest Video

Digital Workshop

US Video

Asia Video

Europe Video

CEO Interviews

Analyst Interviews

Full Episodes

Closed Captioning

SHOW S

Watch Live

CNBC US

CNBC Asia-Pacific

CNBC Europe

CNBC World

Full Episodes















BUFFETT My--

BECKY --should be







term










Berkshire away






have to sell


































sit at $15 trillion





MOYNIHAN Well--











BUFFETT Sure--




far



































outcome




Squawk Box


RELATED TOPICS

Price Change Change

BRKA 19191700

-97800 -051

BAC 1584 025 160













Top Stock Picks

10 Best ETFs


5 Stocks to Buy

Top Mutual Funds


Stocks Under $10

Sponsored










12 comments





AROUND THE WEB

ALSO ON CNBC





WHATS THIS

Home Sales

Slowing Say

Realtors

World News


Favorite

NEW S

Economy

Finance

Health Care

Real Estate

Retail

Wealth

Autos

Earnings

Energy

Media

Politics

Commentary

Special Reports

Asia

Europe

MARKETS

Pre-Markets

US

Asia

Europe

Stocks

Commodities

Currencies

Bonds

Funds

ETFs

INVESTING

Financial Advisors

Personal Finance

CNBC Explains

Portfolio

Watchlist

Stock Screener

Fund Screener

TECH

Recode

Mobile

Social Media

Enterprise

Gaming

Cybersecurity

SMALL BUSINESS

Franchising

Financing

Management

VIDEO

Latest Video

Digital Workshop

US Video

Asia Video

Europe Video

CEO Interviews

Analyst Interviews

Full Episodes

Closed Captioning

SHOW S

Watch Live

CNBC US

CNBC Asia-Pacific

CNBC Europe

CNBC World

Full Episodes




























sit at $15 trillion





MOYNIHAN Well--











BUFFETT Sure--




far



































outcome




Squawk Box


RELATED TOPICS

Price Change Change

BRKA 19191700

-97800 -051

BAC 1584 025 160













Top Stock Picks

10 Best ETFs


5 Stocks to Buy

Top Mutual Funds


Stocks Under $10

Sponsored










12 comments





AROUND THE WEB

ALSO ON CNBC





WHATS THIS

Home Sales

Slowing Say

Realtors

World News


Favorite

NEW S

Economy

Finance

Health Care

Real Estate

Retail

Wealth

Autos

Earnings

Energy

Media

Politics

Commentary

Special Reports

Asia

Europe

MARKETS

Pre-Markets

US

Asia

Europe

Stocks

Commodities

Currencies

Bonds

Funds

ETFs

INVESTING

Financial Advisors

Personal Finance

CNBC Explains

Portfolio

Watchlist

Stock Screener

Fund Screener

TECH

Recode

Mobile

Social Media

Enterprise

Gaming

Cybersecurity

SMALL BUSINESS

Franchising

Financing

Management

VIDEO

Latest Video

Digital Workshop

US Video

Asia Video

Europe Video

CEO Interviews

Analyst Interviews

Full Episodes

Closed Captioning

SHOW S

Watch Live

CNBC US

CNBC Asia-Pacific

CNBC Europe

CNBC World

Full Episodes





































outcome




Squawk Box


RELATED TOPICS

Price Change Change

BRKA 19191700

-97800 -051

BAC 1584 025 160













Top Stock Picks

10 Best ETFs


5 Stocks to Buy

Top Mutual Funds


Stocks Under $10

Sponsored










12 comments





AROUND THE WEB

ALSO ON CNBC





WHATS THIS

Home Sales

Slowing Say

Realtors

World News


Favorite

NEW S

Economy

Finance

Health Care

Real Estate

Retail

Wealth

Autos

Earnings

Energy

Media

Politics

Commentary

Special Reports

Asia

Europe

MARKETS

Pre-Markets

US

Asia

Europe

Stocks

Commodities

Currencies

Bonds

Funds

ETFs

INVESTING

Financial Advisors

Personal Finance

CNBC Explains

Portfolio

Watchlist

Stock Screener

Fund Screener

TECH

Recode

Mobile

Social Media

Enterprise

Gaming

Cybersecurity

SMALL BUSINESS

Franchising

Financing

Management

VIDEO

Latest Video

Digital Workshop

US Video

Asia Video

Europe Video

CEO Interviews

Analyst Interviews

Full Episodes

Closed Captioning

SHOW S

Watch Live

CNBC US

CNBC Asia-Pacific

CNBC Europe

CNBC World

Full Episodes



















Top Stock Picks

10 Best ETFs


5 Stocks to Buy

Top Mutual Funds


Stocks Under $10

Sponsored










12 comments





AROUND THE WEB

ALSO ON CNBC





WHATS THIS

Home Sales

Slowing Say

Realtors

World News


Favorite

NEW S

Economy

Finance

Health Care

Real Estate

Retail

Wealth

Autos

Earnings

Energy

Media

Politics

Commentary

Special Reports

Asia

Europe

MARKETS

Pre-Markets

US

Asia

Europe

Stocks

Commodities

Currencies

Bonds

Funds

ETFs

INVESTING

Financial Advisors

Personal Finance

CNBC Explains

Portfolio

Watchlist

Stock Screener

Fund Screener

TECH

Recode

Mobile

Social Media

Enterprise

Gaming

Cybersecurity

SMALL BUSINESS

Franchising

Financing

Management

VIDEO

Latest Video

Digital Workshop

US Video

Asia Video

Europe Video

CEO Interviews

Analyst Interviews

Full Episodes

Closed Captioning

SHOW S

Watch Live

CNBC US

CNBC Asia-Pacific

CNBC Europe

CNBC World

Full Episodes













12 comments





AROUND THE WEB

ALSO ON CNBC





WHATS THIS

Home Sales

Slowing Say

Realtors

World News


Favorite

NEW S

Economy

Finance

Health Care

Real Estate

Retail

Wealth

Autos

Earnings

Energy

Media

Politics

Commentary

Special Reports

Asia

Europe

MARKETS

Pre-Markets

US

Asia

Europe

Stocks

Commodities

Currencies

Bonds

Funds

ETFs

INVESTING

Financial Advisors

Personal Finance

CNBC Explains

Portfolio

Watchlist

Stock Screener

Fund Screener

TECH

Recode

Mobile

Social Media

Enterprise

Gaming

Cybersecurity

SMALL BUSINESS

Franchising

Financing

Management

VIDEO

Latest Video

Digital Workshop

US Video

Asia Video

Europe Video

CEO Interviews

Analyst Interviews

Full Episodes

Closed Captioning

SHOW S

Watch Live

CNBC US

CNBC Asia-Pacific

CNBC Europe

CNBC World

Full Episodes








Warren Buffett on CNBC_ Stocks Now 'More or Less Fairly Priced'

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Transcript of Warren Buffett on CNBC_ Stocks Now 'More or Less Fairly Priced'