Billionaire Warren Buffett, appearing on CNBC for three hours on Monday, trumpeted stocks and bashed bonds.
Buffett also mused on "obscene" hedge fund fees, airlines, newspapers, banks, self-driving cars and a $1-million-a-year-for-life March Madness contest for his employees.
Here are all the stories culled from Buffett's wide-ranging "Squawk Box" interview:
Billionaire investor Warren Buffett told CNBC he can't see any reason for investors to buy 30-year bonds right now.
"The idea of committing your money at roughly 3 percent for 30 years ... doesn't make any sense to me," he added.
Buffett said he wants his money in companies, not Treasurys — making the case throughout CNBC's three-hour interview that he sees stocks outperforming fixed income.
The "2 and 20" fee system that hedge funds use to charge their clients is overpriced and "borders on obscene," billionaire investor Warren Buffett, chairman and CEO of Berkshire Hathaway, said Monday.
"Two and 20 is going to make a lot of people rich, and it's going to make very few investors rich," Buffett told CNBC, calling the charges "ridiculous."
Buffett made the statement in reference to the fee structure normally charged by hedge fund managers, whereby they take 2 percent of a client's assets and 20 percent of the client's total returns.
"You don't get better because you charge a lot. That does not make you a better judge of securities or anything like that," the legendary investor said.
Buffett spoke to CNBC's "Squawk Box" at length Monday morning.
Warren Buffett thinks only two newspapers are certain to survive the industry's hugely difficult climate: The Wall Street Journal and The New York Times.
The chairman and CEO of Berkshire Hathaway told CNBC's "Squawk Box" on Monday the Times and the Journal have an "assured future" because of their proven internet model. "They have developed an online presence that people will pay for."
"If you look, there are 1,300 daily newspapers left in the United States. (Berkshire Hathaway has) 31 of them. There were 1,700 or 1,800 not too long ago," Buffett said. "Now, you've got the internet. Aside from the ones I mentioned, 1,400 or 1,300 of them haven't figured out a way to make the digital model complement the print model."
Buffett also said The Washington Post — which is owned by Amazon CEO Jeff Bezos — may have a chance to survive.
The Post and the Times — along with most other mainstream media outlets — are common targets of President Donald Trump, who repeatedly can't resist lashing out at their coverage.
Fed. 24 Trump tweet: FAKE NEWS media knowingly doesn't tell the truth. A great danger to our country. The failing @nytimes has become a joke. Likewise @CNN. Sad!
Correction: This story was revised to correct that Buffett said The New York Times and The Wall Street Journal are the only newspapers "assured" to survive the industry's difficult climate.
"Obviously, I should have bought it long ago," the Berkshire Hathaway chief reflected. "I didn't understand the power of the model."
"It's one I missed big time," he said. "Retailing is tough for me to figure out" because the internet has swept in and offered shoppers variety and low prices at their finger tips.
Bezos is a "terrific business person," Buffett said, marveling at how Amazon's founder could have thought about taking over the world by "selling books online."
Of course, Amazon now sells practically everything over the internet, while also getting into other businesses such as cloud computing and video production.
If autonomous vehicles prove to be safer than regular cars, insurance costs will plummet, and by the time roads are filled with self-driving cars, insurers like Geico will have taken a serious hit, the Berkshire Hathaway chief said. Berkshire Hathaway Homestate Companies offers commercial auto insurance.
"If they're safer, there's less in the way of insurance costs, [and] that brings down premium buy significantly," the investment guru said.
But disrupting an entire industry takes time, and the market will embrace self-driving cars slowly despite the immense amount of capital that tech companies are spending on their development, Buffett said.
"If I had to take the over and under [bet] 10 years from now on whether 10 percent of the cars on the road would be self-driving, I would take the under, but I could very easily be wrong," he said.
"It's something that billions and billions and billions are spent on, and brains are being involved in it, so it could easily come sooner than I think. And it will be negative for auto insurers," he continued.
Republicans will likely have trouble passing comprehensive, complex tax reform by August, billionaire investor Warren Buffett told CNBC on Monday.
Buffett said getting tax reform done quickly will be a bigger priority than delivering a significant overhaul of the tax system.
"I think they will end up going for something not as dramatic as they might even like to do because they simply don't want to spend the time and the political capital getting it done," the chairman and CEO of Berkshire Hathaway said on CNBC's " "Squawk Box."
A proposed "border adjusted tax," which has been proposed by Republicans in the House, would tax imports. The White House and GOP leaders have separately called for a sharp reduction in corporate taxes and lower personal taxes.
"You've got some master legislators in [Senate Majority Leader Mitch] McConnell and [House Speaker Paul] Ryan that will be handling things so as to get as much as possible of what they would like through," Buffett said. "But I think if you're trying for speed and you're trying for complexity, I think complexity will give way to speed."
President Donald Trump's administration has been working with House Republicans to put forth a tax reform proposal that doesn't make the budget deficit jump, using their own dynamic scoring to reflect the reform's economic effects that would make it worthwhile.
"If you want to be revenue-neutral without the craziest dynamic scoring in the world ... it's going to be very, very tough," said Buffett, who supported Hillary Clinton in the 2016 election.
As a result, the reform they actually put forth could be much simpler than a Reaganesque revamp of the tax code, Buffett contended.
"I just have a feeling when the Treasury secretary says we're trying to have this by August or something, you're not going to get a really 1986-type overhaul or a 1954-type overhaul or a 1969-type overhaul in that kind of a time period," the investment guru said.
"That is the No. 1 job of the chief executive of the United States," he said. "And that's not an easy job."
The health of the economy at the end of four years is a second yardstick by which Buffett said he'd evaluate the Republican Trump administration.
"And then third, I'll judge him on if the economy does well, which I expected it to do, how wide the participation in a better economy extends."
Reminding investors of his past statements, Buffett pointed out that he said the U.S. economy would be fine under Clinton or Trump.
To that end, Buffett told CNBC on Monday that mixing politics and investment strategies would be a "big mistake."
"Probably half the time [in] my adult life, I've had a president other than the one I voted for," he said. "But that's never taken me out of stocks."
"Tillerson makes a lot of sense," he said. "Tillerson is going to be working for the United States in that job."
"I don't worry at all about whether somebody comes from the oil industry or if they have a lot of money," Buffett said.
Evaluating Treasury Secretary Steven Mnuchin, White House National Economic Council Director Gary Cohn, and Commerce Secretary-designate Wilbur Ross, Buffett said: "They're Wall Street guys. They're smart guys."
Ross, a billionaire who made his fortune investing in distressed assets, is expected to be confirmed in a Senate vote scheduled for Monday evening.
Mnuchin and Cohn were both Goldman Sachs alums.
In a wide-ranging interview on CNBC's "Squawk Box," Buffett said the bid for Unilever was not intended as a "hostile offer," but "it may have been interpreted that way."
"I can't argue about that, but if people say 'we don't like the price,' that's usually a 'maybe," the Berkshire Hathaway chief said.
Berkshire Hathaway and 3G Capital Partners, a private equity firm, are the largest stakeholders in Kraft Heinz.
The latter's CEO, Alexandre Behring, first approached Unilever with a merger bid and hadn't been "thrown out," Buffett said. Kraft Heinz followed through with a formal offer.
Kraft Heinz announced Feb. 17 it had presented Unilever with a $143 billion merger proposal, which Unilever promptly rejected.
"After that Friday, I got a call indicating that the offer was unwelcomed," Buffett said. "It became very apparent that Unilever did not want this offer."
"They made a huge mistake. The huge mistake wasn't necessarily the dumb incentive system," Buffett told CNBC's "Squawk Box" in a wide-ranging interview. "The problem was they didn't do something about it until they learned about it."
Because of the company's incentive structure, several Wells employees opened fee-generating accounts for customers who never requested them. Wells later agreed to pay $190 million to settle a customer fraud lawsuit.
"I keep preaching to our guys: If you see a problem, attack it immediately," Buffett said of his employees at Berkshire Hathaway.
Buffett also shared his wisdom on Monday about how he decides which banks to invest in.
"It's the same metric I use for buying any asset," Buffett told CNBC's "Worldwide Exchange" before joining CNBC's "Squawk Box." It's "the future cash compared to the present cash. ... A bank is no different than any other business. It's how much cash you're going to get between now and Judgment Day, discount it and compare it to other investments."
The chairman and CEO of Berkshire Hathaway has been a long-time investor in banks, most noticeably in Wells Fargo. At the end of 2016, Berkshire held a 9.56 percent stake in Wells worth around $28 billion, according to FactSet.