He's planning to look at the financials of a $6 billion company he's been offered, but he didn't name that potential acquisition.
(Read More: Buffett to CNBC: I'm 'Salivating For Big Acquisition')
Buffett rejected CNBC's Joe Kernen's suggestion that he buy shares in Verizon or AT&T because he doesn't know what they will "look like five to 10 years from now."
He repeated his long-held belief that the stock market is the best place to put your money and expressed confidence in IBM's long-term prospects. Last year, Berkshire bought almost $11 billion worth of IBM stock, and Buffett said it has continued to add to that position this year.
As for Procter & Gamble, another big Berkshire holding, Buffett conceded that earnings in recent years have been disappointing. But Buffett called Chairman and CEO Bob McDonald a "terrific human being." McDonald's leadership has been publicly criticized in recent days.
"The jury is out right now" on the company, he said. Buffett revealed Berkshire had sold some P&G shares "on valuation."
Buffett gave a strong endorsement to Federal Reserve Chairman Ben Bernanke for a third term, saying he's done an "absolutely superb job" and there's no one else he would prefer in the post. Buffett thinks Bernanke would stay if asked by the president.
Still, Buffett said he gets a "little worried about continuously expanding" the Fed's balance sheet. He said his "instinct" is to oppose the Fed's QE3 stimulus program.