It was a pretty consistent place over time. I guess they rehired me. And i hope that some big news. There was an entire section this weekend in the omaha world herald which you own by the way that was entitled after warren. It is a subject we spent a lot of time on. Usually not today that would be the one that we would spend the most time on. You kind of gave a little window you said maybe my successor might take over while im still alive. At some point youre not out of there. And i know what that record is but i dont want to break the record. What changed about the Succession Plan in the meeting today. It just so happens that the present choice as that. There is no reason why a female can do this job. It was a wonderful woman. We should look at Berkshire Hathaway. Down half a right now. In the wake of earnings it fell short of analysts expectations. It sat at 247,163. Down 1 . If even holding it since election day you had been quite a winner. It was a big part is participant in the trumpet rally. If you look at the markets both of them are battling out on wall street. Any game for these two indices is a record high. Right now youre not seen that. The nasdaq is a down around three. They are keeping a very close eye on the french president ial election. Macrons victory has not been a downer. A bunch of deals breaking today especially in the media sector. Its great to see you. We have a lot of deals and to talk about today. Not exactly a deal but more like an agreement. They want a piece of the highly competitive wireless industry. They say lets strike up the agreement here. Its very clever and barely very business savvy. Let me move on and talk about a deal in the tv industry. It will cover 72 percent of the nations local business revenue. Coach is trying to make things a little younger and fresher with the kate spade. Thank you very much. The Senate Subcommittee about what she told the Trump White House about the former National Security advisor. They are answering questions about russian interference. In the possible election. All of this admit reports that president obama have warned the trumpet administration about hiring flynn. He took to twitter earlier today i head at that testimony suggesting that the x state Department Official leaked classified information to the press. Now months ago yates thinking the subcommittee on the efforts made by a foreign adversary to interfere in the election. A friend taking up a big part of the Daily White House briefing today. The future of healthcare also came up. As he wrapped up that briefing talking about the Health Care Bi andister trump new bi affecti those wh preexisting conditions. I think the president has been very clear in his statement whether or not you call it a right or not. That is affordable and i think the subs that hes taken over the last week. It clearly highlights those priorities. All of this unfolding on a busy monday. It has been thrust back in. Its back in the Fourth District court of appeals today. That court is located in richmond virginia. We will break in with any developments on those were other stories. Its back to you in omaha. Thank you so much. Its something you only see at rock concerts but as the door swung open on saturday close to 40,000 fans and shareholders they poured into the sentry link. We have this picture for you. They come running and like its black its black friday at walmart. Not to see Paul Mccartney or lady gaga. The ceo and chairman the second richest man in the world. Thousands of people, not just to hear about Berkshire Hathaway but its also a master quest. I just wanted to begin by asking you what development in the Business World or the world surprised you the most. What really surprised you. Certainly brexit surprised me and all of the polls showed otherwise. That doesnt really change anything we do. The main lesson we hope to give is you really shouldnt Pay Attention to those things. You should just disinvest throughout your lifetime. And ignore the world events. If you saw our headlines if to be a lot smarter than i am. In terms of the people they come to have a good time. It sort of a mardi gras. Its almost like a cult. They follow you around. You get on the floor. I think i lost a couple of fingers or someone that the mop. But them off. Such a massive crowd. You eat your dairy cream sickle. Our usual policy is to go until 330 until we pad 10,000 calories each see have to start pounding them down. You dont have final numbers on but as you look what happens when you and Charlie Sadat on the very empty stage the first question out of the gate was about wells fargo. And you flat out said the former ceo really blew it. He have a chance to fix and he did it. What other ticking time bombs might this company be sitting on if they let that go for five years. The vigilance will be higher than most banks because of this. There are 30065000 people. You know someone is doing something wrong. The big mistake at wells fargo wasnt designing an improper incentive the system but when you find out about it yet of a system when things are going wrong. You have to to act on it. Incidentally john stump is an honest man. He made a terrible mistake but it was not because he thought he was going to get wealthy himself or anything of the sort in my view. Dont you think the board needs to be reconstituted at wells fargo. Ten out of 15 of them got 75 or less when the most recent boat. I had been on 20 boards in the information doesnt come to the board and people dont write that. They send out. I would bet anything that the board was never really told about Something Like that. The management doesnt volunteer problems in many cases. My guess is that the board they have made have read the article in the la times. Ask something about it. I wont fault the board without knowing more about them. Give gigantic stock holdings. Its a huge position the wall street journal in january said like a lifelong Platinum Cardholder oblivious to the Better Options now available the companys investors are oddly concerned about worsening competition. We want to play what he said about that competition because i was able to grab him for that. The First Quarter was a very good quarter. The platinum caris strong. 2016 was the best year in history of platinum. Is it so that still that economic castle that once was. Its quite a castle. With people signing up. It was really a blowout quarter for American Express and they were up 17 and half percent. Very good in the United States. Allowing for the fact until june 30 the comparables will include cosco last year. Its a very strong card. They will always had a lot of competition. A lot of people would like a piece of the pie. He is a good competitor. They have a lot going for it. Could the sapphire card do you anticipate it ever taking over the Platinum Card. I dont know numbers. The Platinum Card this year gross in volume and a number. With about 47 minutes before the closing bell rings. Warm bath and buffett and his company had no fewer than 14 subsidiaries. As congressional leaders and President Trump work on the tax reform plan how does mr. Buffett think it will affect you. We have apple red hot today in the wake of Warren Buffett saying that he nearly tripled his stake. As of about 3 today. Sorry past hundred 50 per share. A hundred billion dollar market dollars market cap. The first time ever. Countdown to count on to the closing bell coming right back. Michael flat rate here. To folks everywhere whose diabetic. Nerve pain shoots and burns its way into your day. I hear you. When that pain makes simple errands simply unbearable. I hear you. I hear you because my dad struggled with this pain. Make sure your doctor hears you too. So folks, dont wait. Step on up. And talk to your doctor. Because you have places to go. And people who cant wait for you to get there. If you have diabetes and burning, shooting pain in your feet or hands. Step on up and talk to your doctor today. The border adjustment tax you a lot of companies that make those whether its paper check or anything else that imported some parts from elsewhere. The consumer as is a sales tax. And they say if its not enough. That will take care of it. I doubt very much that it passes. Were back now with Warren Buffett. He is still got lots of energy to speak to our viewers. They want this border adjustment tax. This weekend a conservative senator from georgia said its dead on arrival in the senate what do you think happens. I dont know the politics at all. In the end the world will do better including the United States free trade. We ought to take care of those people in some way because there is a greater good done by free trade. If you start taxing certain imports here just raising the price. For example many things that they make have parts from elsewhere and we sell things over there too. Our exports were 5 of gdp in 1970. We found many thanks that the United States makes. We ought to take the people of the people that have been there. Speaking of taxes and tax reform. The top Economic Advisor he rolled out a tax reform plan its streams lines the tax bracket it would eliminate the estate tax from what you saw of that plan is or anything you would embrace within it. If the look at any plan in its entirety. One thing if you want to be revenue neutral juergen have to see anytime the government cuts here youll you have to talk to increases in summerhouse. Speaking of which the treasury secretary said it will pay for itself because of the growth it will spur that is logical to some people if you give the more of their own money back in their pockets they will spend it. Could this be so transformational that it does pay for itself that would have been on the plan. I have not seen anything yet. The one has actually been passed it was passed only in the house in terms of the new health care plan. And it reduced my taxes for the last year if it had been there. 680,000 with a level of about 4 million. That wouldve been a 17 tax reduction with me. Now in my case im not to spend it. That only goes to the income people youre not putting money in the pockets with a that particular tax cut. 15 Corporate Tax rate. You see that as a good thing. Not necessarily. If you look at the whole plan thats rolled out. As a percentage of gdp are a lot less now than they were in 1960. We have good growth in the 60s. Anybody proposing anything alreadys said the economy is gonna move. A lot of variables are going in now. President trump and his Economic Team unveiling this tax plan that includes the onetime tax holiday for repatriation of the casts. They dont want to be double tax. They have a huge cash pile. With 38 minutes to go before the closing bell rings. They are joining us life. This is what he things about the proposal. He also tells us how the sears bill is. These guys are in it for blood. And markets continue to rise and fall. Predictable is one thing you need in retirement to help protect what youve earned and ensure it lasts. Introducing brighthouse financial. A new company established by metlife to specialize in annuities life insurance. Talk to your advisor about a brighter financial future. They were at the annual berkshire newspaper talks. You landed on the same step as warren. You both were Newspaper Delivery boys. Whats going on here. Were not practicing enough it doesnt look like. Neither one of us has thrown a paper since the previous year. It took the quarterback from university. Watching here. Even now when its set such a tough business. Its amazing i knew they would be in decline. In both advertising and the pace. I thought the younger people they dropped much faster than older people. We were just talking about the president s desire to Great Companies a onetime tax holiday for offshore profits we noticed that notice that they are second behind apple. I know you dont run the company anymore. Put your microsoft caps on. Bring it back and putting it to work in the u. S. You always get total credit for what you paid overseas. If its been at a lower rate overseas then you pay the difference up to the u. S. Rate. So obviously the shareholders of this Companies Taking that potential. Its just a onetime benefit. Now for the government that actually does have liability whether that is a smartest way to give up revenue or not thats pretty complicated. The tax reform plan also has pretty streamlined deductions. Gary had said the only things that will remain are the mortgage deductions. You will started the giving pledge which encourages billionaires to donate most of their wealth once i go or during their lives for this. What would we do if we dont keep the charitable tax. The deduction we get is a tiny of what it would be if you were not limited as to what you could take. Its hard to tell you what effect it would have. I personally that was in opening gambit. With about hundred 65 billionaires. Did you guys ever approach President Trump before he was president and ask him . You stopped at the esses. Would you ask him. This is open as an invitationonly club. For the people who have been super successful and are committed to give the majority of their wealth away. We want all of those people to come together and learn from each other. I learned what works. Not only are we encouraging more but we are encouraging smarter philanthropy. The budget that President Trump floated has a bunch of cuts. Maybe there is some bloat but the National Institute of health it looks like he proposed cutting that by about they spent a lot of medical research. I dont see any overhead like that. Its great to see the congress that really believes the medical research both maintaining that investment and maintaining the money for foreign aid. That those are good investments. Im pleased so far it looks Like Congress who has the final word will stick with it. Were just Getting Started with the two richest men in the world. About 20 minutes before the closing bell rings. The former acting attorney general the russian meddling in the u. S. Election we are listening in. Will bring the latest details. The hacking is now a mere constant. We will ask bill gates they might append the balance. More countdown on the way. Your lineup. The alerian mlp etf can diversify your equity portfolio and add potential income. Bring amlp into the game. Before investing, consider the Funds Investment objectives, risks, charges, and expenses. Read the prospectus carefully at alpsfunds. Com amlp at crowne plaza we know Business Travel isnt just business. Theres this. a bit of this. Why not . Your hotel should make it easy to do all the things you do. Which is what we do. Crowne plaza. Were all business, mostly. vo when you wake up with miracleear. Your mornings can come to life with sound. Our exclusive Speech Isolation Technology transforms a bustling cafe into a clear connection that helps you hear the laugh that made you fall in love with her in the first place. And, at miracleear, we take the time to get to know you, grandpa so we can ensure you hear what matters most in your world. Call, click or come in today to learn how to start your better days. Miracleear. Hear a better day. Liz breaking us right his right now the former acting attorney general and the director of National IntelligenceJames Clapper are being queried by a Senate Judiciary subcomttee and they are being asked what they note regarding attempts by the russian government to influence the outcome of the election. Between donald trump. Because they have the former acting attorney general with a very sensitive very sensitive matter that they needed to discuss. What he was telling the public was different than what he was told the fbi. And what what they knew to be the truth here is what she testified to just ten minutes ago. We then walked through. White they were telling them about that. Secondly we told him we felt like the Vice President were entitled to know that the information that they were conveying to the American People wasnt true. We wanted to make it really clear rate of the gate. Its to make its important to know that the chief whitehurst council that was one of the topics that came up. Think you very much. 8 30 a. M. Mornings with maria. Interference by outside governments not just affecting u. S. Elections as we mentioned the french government right now working around the clock to trace the hackers who attacked the candidate Campaign Just hours before election day. He won but the development was similar to the email hacking last summe the dnc and a key Hillary Clinton aid. Were back now with Warren Buffett. You are the man widely credited with creating the tools and im not blaming it on to saint those tools have now been brought where foreign governments our government and the socalled 400pound a guy sitting on his bed. They can hurt businesses in elections. In politicians. Just like the critical part of the structure the internet is equally important. In hospitals and all sorts of critical things depend on it. The idea of how do you protect things how do you isolate information that is requiring huge diligence now. There is a lot of expertise if theyre there talking to each other they can both learn a lot. A lot of deep security expertise there. And then the government knows the threat. The cyber is right up there with biological and nuclear something you really want your best minds thinking through. D w you can detect ts quickly. Can it be tamed. In the sense that you completely get rid of the risk now, have any of your businesses ever been hacked . Yes. In conjunction with the annual meeting we have a managers session and hacking and cyber they really want to know whats going on. How much you spent per year protecting. Is 60 or 70 companies. An overvalued stock market right now is a big risk. A public that gets overexcited about stocks at some point becomes the biggest risk. You never know whats can happen. You know it will happen periodically. It will happen. And when it does on how far it goes. I like to buy things on sale. That is a very improbable risk. It was encouraging people to think about more. And then backing that. Those are highimpact low risk. Right now the u. S. Economy is doing well innovation is doing well. I think this is a time when the u. S. Looks great. We asked what was the most impressive uniform. With all of these different cities and how they are working their way through that. We are about 15 minutes away from the closing bell. Down 13 points to slightly now. When we come back there was a moment during saturdays meeting where you could hear an audible miss of gaps gaps gasps in chuckles. Charlie monger what he said about healthcare. They join us next life from omaha. You always pay your insurance on time. Tap one little bumper, and up go your rates. What good is having insurance if you get punished for using it . News flash nobodys perfect. For drivers with accident forgiveness, Liberty Mutual wont raise your rates due to your first accident. Switch and you could save 509 on auto insurance. Call for a free quote today. Liberty stands with you™ Liberty Mutual insurance. Warren buffetts kids giving foxbusiness the dirt on their dad they spoke to us on friday exclusively here for the tenth annual foxbusiness exclusive interview and his daughter said he is mellowed by your son said that you dont have an email address and here we are your bffs with bill gates. Ive sent one email in my life and ended up in federal court. I decided to give it up. I tried it and it didnt work. Of course debbie does email for me. But its not a bad idea just like its not to give first expressions immediately. Its better to have a time delay. We are joined by charlie monger. Susie said you had mellowed but neither of you was mellow when the topic of healthcare came up. It deserves it. Healthcare after all may be the best of the world. The truth is its gone from 5 of gdp to 17 theres only a hundred points on the dollar. You took it a step further. They were gasping for giving too much chemo therapy to people that are all but dead. Playing to the crowd. When you say that. Its true. Its asinine to pour that into people that are already dead. I would say its not too much to say that is evil. Lets say god forbid something for bid something happened and you came down with cancer and you thought you to couple more good years and you. There are some chances of it working. Of course i would have it. And i would maybe throw long. There comes a time when the game is over. And then you stop treating. You have sat on boards of hospitals. See you have an idea whats going on. We did go to a single pair. Who would be in charge. Do we really want to let the government who lives and who dies. Im basically talking about medicaid for all. That thats how you hardly a novel idea. We head in the nursing homes. Anybody can get on medicaid who needs to go to convalescent home. If youre utterly disabled you get free medicare to for life. From the house plan dt cover people with preexisting conditions. Thats what i hate. How can you say be an Insurance Business and some guy comes in you know you can get a 10,000 premium. Having asked somebody to do that. And the Insurance Business. Its bonkers. Its crazy. And th canada they had like medicaid for all. And nobody wants to give it back. In canada has lost capitalism. The man they called the most brilliant businessman of our time. If you have ten minutes to convey one key point alone in the office that would improve growth and improve his administrations policy over that point b. We are coming right back. Six minutes ago. . Liz dow 21,000, were looking for that. At the moment we are there. And by the way, within spitting distance of records with the nasdaq and the s p. Were back with the three richest minds as we call them, Warren Buffett, bill gates and Charlie Munger, live from oma, nebraska. You called jeff bezos the most brilliant businessman of our time. Why not bill . My mother has such a brain crush on you, bill. She thinks youre so smart. How many years, bill, you turn from business to philanthropy. He i dont know how many hours a week and melinda has too. Liz but bezos . Bezos is in business, and bezos has developed two extraordinary businesses. I mean, take on retailing, that is not a small task, and change it and have it virtually everybody in the world, if you ask who they worry about the most, they worry about amazon, and the same thing in the cloud. I cant think of anybody thats tackled two industries at once and created as much change. Liz weve got 90 seconds left. You have ten minute in a room with president bush President Trump, i almost said obama. President trump. What would you say to him to help the policies that would spur growth . I dont know about policy, i would say the same thing to him i would say to any president. The most important job is to protect us from weapons of mass destruction, and i just and they are the most important person in the world, put the emphasis on that. Liz charlie . Im a great admirer of the trump change of mind about china and making an ally out of china instead of screaming about their trade. Im a big admirer of trump when he changes his mind constructively and i think hell do a lot more. Thats a good thing. Liz bill . 20 seconds. Invest in the future, whether its research or making sure pandemics dont come to get us and helping other countries, and i get on go out and see that. So make sure he knew all about it. Liz theres the closing bell, i thank bill gates, Charlie Munger and Warren Buffett, right here on fox business. Thank you so much, and looking for records on behalf my l. A. And omaha and, of course, new yorkbased crews, over and out from omaha, dave and melissa, over to you. David thank you very much. Stocks are struggling for gains, the dow closing barely above 21,000. Just 8 points above. Nasdaq ending in the red any, gains for either would have been a new record. Hi, everybody, im david asman. Melissa im melissa francis. This is after the bell. Got you covered on big market movers. Heres what else we have this very busy hour. Happening right now, former acting attorney general sally yates and former National Intelligence director James Clapper getting grilled on capitol hill. Have either of you ever been any