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Buffett: I'm Here for the 'Freeloading'

Wednesday, 11 Jul 2007 | 5:35 PM ET

Billionaire investor Warren Buffett jokingly told CNBC today he came to the high-profile Allen & Co. media conference in Sun Valley, Idaho, for "the freeloading."

Buffett & Boorstin
Julia Boorstin interviews Warren Buffett and Ron Olson in Sun Valley

The remark came in a brief on-camera interview with CNBC Reporter Julia Boorstin, in response to a question about the event, which is attended each year by many well-known names from the media and investment communities and has a reputation for deal-making. Those at the conference are provided lodging, meals and activities at no charge.

Berkshire Hathaway board member Ron Olson appears with Buffett in the video.

Buffett also said he hasn't necessarily changed his mind about private equity deals, even though he recently bought a jewelry company from a private equity firm. Buffett has complained in the past that private equity is driving up the price of potential acquisition targets and that he usually doesn't buy from private equity because it often wants a buyer willing to pay a high price.

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