Warren Buffett Tells CNBC He's Been Approached by Financials But Hasn't Seen Anything He Likes So Far
In a "First on CNBC" telephone interview just minutes ago, Warren Buffett told the Squawk Box team that while he been approached, sometimes indirectly, by financial companies offering to sell stakes, he hasn't seen anything he likes, at least so far. He indicated he still sees lots of problems among many banks that could take several years to work through, but didn't rule out doing any deals over the next six months. "We're looking everywhere but Antarctica."
UPDATE: A TRANSCRIPT OF THE COMPLETE INTERVIEW IS NOW AVAILABLE IN THE WBW POST Warren Buffett's "Bet on America": The Complete CNBC Interview.
The interview was Buffett first broadcast chat since the announcement yesterday that Berkshire Hathaway is paying Chicago's wealthy Pritzker family $4.5 billion for 60 percent of Marmon, a collection of mostly basic industrial companies. It's "our kind of business," says Buffett.
Buffett says that by combinging Marmon with Berkshire's assortment of companies he's creating a "conglomerate-squared." While he agreed with Becky Quick that the stock market does not especially like conglomerates these days, the real test is how the company will do over the next 10 to 20 years, not how it will fare on Wall Street over the next few days.
He calls the Marmon deal a "bet on America over a long time." And he joked that by getting a big deal in before 2007 ends, he's earned his salary for the year.
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