BUFFETT: YES.

QUICK: WAS IT UP TO YOUR EXPECTATIONS? DID IT EXCEED YOUR EXPECTATIONS?

BUFFETT: IT EXCEEDED EXPECTATIONS. I DON'T LIKE TO BE IN THE GUIDANCE GAME. I DIDN'T GIVE OUT A LOT OF NUMBERS BEFORE. BUT IT EXCEEDED EXPECTATIONS.

QUICK: OKAY. WHEN YOU TAKE A LOOK AT, WELL, LET'S JUST SAY AGAIN THE GRAINS, THE COMMODITIES, DO YOU WORRY THAT THOSE PRICES HAVE REACHED A BUBBLE AND THAT WILL BE THE NEXT BUBBLE WE START TO HEAR, THE AIR COME HISSING OUT OF?

BUFFETT: I DON'T KNOW WHETHER THERE IS A BUBBLE BUT THEY CERTAINLY MOVED UP A LOT. AND STEEL HAS MOVED UP A HUGE AMOUNT. I THINK YOU HAVE A LOT OF INFLATIONARY PRESSURE, WHICH IS NOT IN THE WAGE PRESSURE YET. WHEN AND IF IT GETS TO THAT, THEN THE FUN BEGINS.

QUICK: OKAY. NOW I KNOW YOU HAVE A MEETING WITH YOUR DIRECTORS LATER THIS MORNING.WHAT'S ON THE AGENDA?

BUFFETT: WELL, WE'LL TALK ABOUT SUCCESSION. NOT IMMEDIATE SUCCESSION, I MIGHT ADD. BUT WE ALWAYS TALK ABOUT THAT. WE GO DOWN THE SAME CANDIDATES AND TALK ABOUT THEM AND THE PLUSES AND MINUSES. WITH THE INVESTMENT OFFICER.THERE'S NOT A WHOLE LOT. WE'LL TALK SOME ABOUT THE MARS/WRIGLEY DEAL. WE DON'T HAVE A LOT TO TALK ABOUT. WE DON'T HAVE A LOT OF TIME KILLING ACTIVITIES. WE DON'T GO THROUGH A LOT OF RITUAL. WE REALLY TALK ABOUT THE GUTS OF THE BUSINESS. THEY'LL ASK ME ABOUT A LOT OF THE SPECIFIC BUSINESSES. BUT THEY ARE VERY WELL INFORMED. I SEND OUT A LOT OF MATERIAL TO THEM ALL THE TIME. SO WE DON'T NEED A LOT OF TIME IN DIRECTORS MEETINGS.

QUICK: JUST AGAIN, THE BIGGEST HIGHLIGHT FOR YOU, ASIDE FROM THE 31,000, WAS THERE ONE MOMENT THAT GOT A JUMP OUT OF YOU THIS WEEKEND WHAT YOU THOUGHT, THIS IS DIFFERENT. THIS HAS NEVER HAPPENED AT AN ANNUAL MEETING BEFORE?

BUFFETT: WHEN SUSAN LUCCI TOOK OVER THE CEO POST.

QUICK: WE SHOULD POINT OUT FOR EVERYBODY. SUSAN LUCCI WHO PLAYS ERICA CAIN ON "ALL MY CHILDREN" CAME IN. THERE'S ALWAYS SOME SURPRISE AT THE SHARE HOLDER MEETINGS. THIS TIME AROUND SHE WAS THE SURPRISE. SHE TOOK THE STAGE AND PRETENDED SHE WAS TAKING YOUR JOB.

BUFFETT: FOR A WHILE THE ACTING WAS A LITTLE TOO GOOD.THE CROWD SEEMED TO LIKE HER BETTER THAN ME SO I GOT OUT THERE FAST.

QUICK: MR. BUFFETT, THANK YOU FOR YOUR TIME.

BUFFETT: THANKS FOR COMING BY.

QUICK: THANK YOU. GUYS, WE'LL TALK IT BACK TO YOU. JUST WRAPPING UP SOME OF THE HIGHLIGHTS OF WHAT HAPPENED THIS WEEKEND AND GETTING A LITTLE TIME TO TALK TO THE ORACLE OF OMAHA.

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