The economy. Donald Trump. Jeff Bezos. Coca-Cola. The Oracle of Omaha touched on all that and more in a three-hour CNBC interview Monday morning. » Read More
"We haven't seen many businessmen like him," Berkshire Hathaway's chairman and CEO told CNBC's "Squawk Box." "Overwhelmingly, he's taken things you and I've been buying and he's figured out a way to make us happier buying those products, either by fast delivery or prices or whatever it may be, and that's remarkable."
Amazon has grown at an exponential rate since its foundation in 1997, and that's being reflected in its stock price. Since then, Amazon shares have grown nearly 44,000 percent.
Amazon in last 10 yearsSource: FactSet
The U.S. economy grew at a dismal 0.5 percent rate in the first quarter, the Labor Department said Thursday.
"There's one little thing that many people don't understand about the GDP figures. Maybe I don't understand it, but my understanding is they're sequential figures. You take the figures from one quarter to another and multiply by four. So, if you're off by a tenth [of a percent] on the seasonal adjustment, that becomes a four-tenths figure," Buffett said. Still, he added, "that doesn't negate the fact that business is slow. It's not negative, but it's slow."
The stock was at $145.94 in premarket trading Monday.
"We feel fine or we won't own it. We've never sold a share of IBM. Periodically. we buy a little bit more," Buffett told CNBC's "Squawk Box" in an interview from Omaha, Nebraska. "We have not been an aggressive buyer, but we've been a buyer."
Buffett-run Berkshire Hathaway owns a 8.51 percent stake in IBM. "I think I can safely say we would be much more likely to buy more in the next 12 or 24 months than we would be to sell shares."
Buffett hosted the annual meeting on Berkshire shareholders on Saturday in Omaha.
Valeant has been under significant pressure from lawmakers and shareholders after the company hiked prices for certain drugs. On Sunday, The Wall Street Journal reported that Pearson was key in making those decisions. Valeant's board ousted Pearson in March. Last week, Valeant named Joseph Papa to succeed Pearson.
Valeant declined CNBC's request for comment. CNBC could not immediately locate Pearson for comment.
Berkshire Hathaway held its annual shareholders meeting on Saturday, and attendees listened closely to Chairman and CEO Warren Buffett and Vice-Chairman Charlie Munger at what observers call "Woodstock for Capitalism."
Here are some of the best quotes and highlights of the day:
Warren Buffett and his longtime business partner Charlie Munger appeared before thousands of Berkshire Hathaway shareholders in Omaha today.
Here's what they had to say, minute-by-minute, in their marathon Q&A session. (App users,
Warren Buffett said Saturday that Wall Street's real source of wealth is not based on its strong investment acumen, but on something else.
"[There's] far more money made through salesmanship abilities rather than investment abilities," Buffett, Berkshire Hathaway's chairman and CEO, said at the company's annual shareholders meeting.
Buffett added many hedge fund managers are paid "just to breathe" based on a flawed compensation scheme. He also said high-paid consultants always recommend something other than doing nothing, and benefit from long-term growth of US business.
In turn, Buffett recommended that investors take a more passive approach to investing, noting his long-term bet against Protoge Partners still shows this approach works much better than active management.
"The railroad [business] is down considerably in the first quarter, and will most likely remain down for the year," Buffett, also known as the Oracle of Omaha, said at his annual shareholders meeting. In 2014, Berkshire said its BNSF, its railroad operation, had let investors down, but referred to the operation as its"most important" non-insurance business.
"I would say we've taken the most [valuable] part of the company and made it even more valuable to the company," Buffett said at Berkshire's annual shareholders meeting. He referred to Precision's management, specifically CEO Mark Donegan. "I would say Mark is one of a kind."
Buffett said Donegan can now spend more time working on designing and building aircraft parts, rather than breaking down earnings to shareholders and analysts.
"Precision Castparts will do better under Berkshire than it would on its own and it would do very well on its own," he said.
Berkshire announced the $37.2 billion acquisition in August.