WHEN: Tonight, Tuesday, November 30th at 9PM ET
WHERE: CNBC's "The Billionaires' Road Trip"
Following are excerpts from the unofficial transcript of CNBC's "The Billionaires' Road Trip," reported by CNBC's Becky Quick and premiering tonight, Tuesday, November 30th at 9PM ET.
America's two richest men head to China to tour a Berkshire Hathaway investment. CNBC, First in Business Worldwide, takes you behind the scenes with Warren Buffett, Bill Gates, Berkshire Vice Chairman Charlie Munger and other Berkshire Board members. Billionaires' Road trip takes you into never-before seen BYD factories. Viewers' also meet Chinese billionaires and hear more on Buffett's succession plans.
All references must be sourced to CNBC.
Warren Buffett on BYD:
In the last 15 years they went from nothing to becoming a very important company in several industries and autos are very competitive so nobody knows for sure who will be the winners 5 or 10 years down the road. But I think it would be a mistake to bet against BYD. I mean you've got a company that has enormous momentum. You've got a fellow at the top who's still only 45 years of age, who's got very big dreams and who has shown an ability to make his dreams come true. And you do have this cooperation between labor and government - so big things could come out of there.
Charlie Munger On His Reaction To Seeing BYD's Operations:
Well, this always happens to me. I am constantly finding that my over enthusiasms weren't strong enough. And so I had this extreme appreciation of byd. When I see it more closely I underestimated it. The culture is really strong and the momentum in place is really strong. And the morals of the place are really strong. And so I came here with wildly enthusiastic expectations and of course ive been surprised. I underestimated it.
Munger On BYD's Future:
I think it will have hiccups and bumps, but I think it will just basically go from triumph to triumph. I think what it will do will be awesome.
Buffett On Meeting With China's Wealthy To Discuss Philanthropy:
They liked to talk about it and my guess is they never had anything quite like that. And you know it was a get together that was probably a first and they weren't reluctant to talk. They had different views on various subjects, but frankly, I think it went about as I could have hoped.
Bill Gates On Meeting:
We had great attendance. The majority of the people we asked came and they paid rapt attention and asked good questions. Philanthropy is not so developed here, partly because the role of the government is so pervasive. And so that was interesting to talk about that giving to research or education its not as clear how you do that here. It's going to come together and there are some good stories of generosity they really did feel like the examples many of them from America are going to help shape whats going on, so I think philanthropy is set to grow in this country a lot.
Gates On Buffett's Successor:
The board celebrates Warrens eternal youth on a regular basis and you know that's its phenomenal that he is better at his job than he has ever been. You know he is also very thoughtful about this issue and tells us who he thinks the top candidates are and any new things about those people. It helps us get to know them quite well and you know I take my job as a Berkshire board member very seriously.I put real time into it and I'm going to do everything I can to make sure Berkshire lives up to what Warren wants it to be which is something that the culture, the approach goes on for decades and centuries after Warren is no longer.
Gates On Traveling With Buffett:
Its fun to talk about how the world works, it is different from the us and its interesting to share notes. The philanthropy discussion is amazing and china in its own way is moving towards that. You know we are doing a lot of different things some funny things tend to happen when you are on a trip like this. So it's a lot more fun when you get ot laugh about it together.
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