Buffett: Stocks vs bonds & dividends vs buybacks

When Warren Buffett speaks the world listens.

We now know the Berkshire Hathaway chairman and CEO sees the value of stocks depending on interest rates, the Federal Reserve between a rock and a hard place, and a big difference between dividends and buybacks as a means to drive shareholder value.

In three hours with the Oracle of Omaha on Monday on CNBC's "Squawk Box," following Berkshire's annual meeting Saturday, he also shared his thoughts and why he bought more IBM stock, while fighting back against controversies swirling around Berkshire's Clayton Homes and NetJets subsidiaries.

Buffett was joined at times by Microsoft Chairman Bill Gates, Berkshire Vice Chairman Charlie Munger, and Ndamukong Suh, defensive tackle for the Miami Dolphins.

Watch all the videos from Monday's show in the above video player, and find a recap of each of the written stories below.

The billionaire Buffett said the stock market would be viewed as "cheap" now if interest rates continued to remain low, but not necessarily if rates normalize.

Read the story here.

Charlie Munger, Bill Gates and Warren Buffett.
Lacy O'Toole | CNBC
Charlie Munger, Bill Gates and Warren Buffett.

Microsoft's Gates said he's concerned about the negative ramifications of continuing low interest rates not only in the U.S. but around the world.

Read the story here.

Despite all the criticism of McDonald's, the fast-food giant is one of the nation's best educational institutions, Berkshire's Munger said. "They're probably more successful than charter schools," he added.

Read the story here.

Buffett's financial acumen and affable personality is well documented, but the CEOs of Berkshire Hathaway's big four investments—IBM, American Express, Coca-Cola, and Wells Fargo—paint a vivid picture of Buffett as an ally, a confidant and astute observer of human nature, their CEOs said.

Read the story here.

Charlie Munger, Bill Gates and Warren Buffett.
Lacy O'Toole | CNBC
Charlie Munger, Bill Gates and Warren Buffett.

IBM is already monetizing its Watson supercomputer in health care and other industries, but the road to profitability will improve over time, IBM Chief Executive Ginni Rometty said.

Read the story here.

Here's a complete recap of the Buffett show, blow by blow, from CNBC's live blog.

Read the story here.

Last but not least. Buffett decided to challenge the Miami Dolphins defensive tackle Suh to an on-air arm-wrestling match.

Watch the Buffett-Suh showdown here. It was certainly more exciting than Saturday's Floyd Mayweather-Manny Pacquiao boxing match.

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