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la trascrizione della consueta intervista alla cnbc:
FULL TRANSCRIPT: BILLIONAIRE INVESTOR WARREN BUFFETT SPEAKS WITH CNBC'''S BECKY QUICK ON "SQUAWK BOX" TODAY
all'inizio parla delle banche e si legge tra le righe la disaffezione per Wells (definisce Apple la migliore azienda del mondo) gli etf li ha presi un fondo pensione, Kroger non è un suo acquisto e su KHC e le aziende di beni di consumo:
BECKY QUICK: Let me ask you about-- a question that came in from several viewers actually-- and that’s about the ETF. Dmosley Management wrote this version of the question in: ‘News agencies have reported that Berkshire Hathaway purchased two ETFs. So, can you talk about if this purchase happened? And if the purchase happened, who purchased the ETF for Berkshire Hathaway? And how was the decision made to purchase it?’ Small numbers.
WARREN BUFFETT: Yeah, it wasn’t---me-- it wasn’t me or it wasn’t Todd or it wasn’t Ted. And-- it-- it happened in some pension fund. And we have a few pension funds that aren’t actually managed by us. But I-- all I can tell you is that nobody that-- nobody that manages money at Berkshire is buying ETFs. Nor do I see any possibility that they will.
BECKY QUICK: Okay. Another purchase that came up recently, Kroeger. And Jason Escamilla writes in, “Was that one of yours, or-- or a lieutenant’s pick?”
WARREN BUFFETT: It was one of the others. And-- you know, I-- I know Kroeger. Kroeger-- Kroeger’s done a good job, but it’s in a very tough business. I mean, when you have-- when you have-- Amazon and Walmart slugging it out and Costco taking a special part of it and everything, it’s a tough business. But-- they’ve done a good job. And one of our managers decided to buy that.
BECKY QUICK: Okay. And then Kraft Heinz. This comes in from David Hall. He says, “Mr. Buffett, while Kraft Heinz continues to whittle down their total debt, do you feel that the current dividend payout is appropriate? Or should it be reduced further to free up more cash flow to reduce debt more rapidly?”
WARREN BUFFETT: I think Kraft Heinz should pay down its debt and it should-- but I think-- under present circumstances, it appears that it can pay the dividend and pay down debt at a reasonable date. And it has too much debt. But it doesn’t have some-- it doesn’t have debt it can’t pay down. And the debt owners are going to get the interest. And the debt should come down year by year. And I think it will and I think it can with the present dividend. But who knows for sure in the future?
BECKY QUICK: TheoFilos Theo writes in a similar question and says: “Do you still believe in the company and management at Kraft Heinz?”
WARREN BUFFETT: It’s still a great business, in the sense that it earns we’ll say $5 billion after depreciation pre-tax. And on $7 billion of tangible assets, it uses about $7 billion of fixed assets. It – working --. I mean, it’s a very valuable business, but we paid too much for Kraft. And we-- we took on more debt in that. And-- but we paid too much.
BECKY QUICK: Another question comes in from Beale (PH) again on Kraft Heinz. And this person writes in: “Private labels have performed very well against brands like Kraft Heinz. But they haven’t made a dent against other brands like Coca Cola or See’s. Why do you think that is? And how do you think about brands’ modes, given your experience with Kraft?”
WARREN BUFFETT: Brands are always going to be in a fight with the retailer. And it varies by country enormously. It varies by product category. If people -- I worked in a grocery store in 1941. Charlie worked in the same one in 1940. People would call and they’d ask for a can of peas and I’d write down, “A can of peas.” They’d call and they’d ask for Heinz ketchup, and I-- I’d better give them Heinz ketchup. They didn’t care which brand the peas were. They didn’t care that much whether the two quarts of milk we sent them were this brand or that brand. But they cared whether it was Heinz ketchup. That was in, you know, 1941. Some brands are terribly strong. You can’t bring out-- a private label Cola and do very well with it. And people have tried for a long, long time. On the other hand, you can bring out private labels and lots of products and-- and they sell very well. And-- you know, you take Costco with their own Kirkland label. I mean, that-- that label grows dramatically. It cuts across categories. It, you know, it’s done since 1992 or whenever it was introduced, what-- other people spend 100 years, you know, with huge amounts of advertising and special displays -- all kinds of things. So, the battle goes on. I would say that the retailer has gained ground against brands to some degree. But brands are still terribly important. I mean, try – give me a $10 billion budget and ask me to bring out another Coca Cola that makes a dent in Coca Cola and I can’t do it.
FULL TRANSCRIPT: BILLIONAIRE INVESTOR WARREN BUFFETT SPEAKS WITH CNBC'''S BECKY QUICK ON "SQUAWK BOX" TODAY
all'inizio parla delle banche e si legge tra le righe la disaffezione per Wells (definisce Apple la migliore azienda del mondo) gli etf li ha presi un fondo pensione, Kroger non è un suo acquisto e su KHC e le aziende di beni di consumo:
BECKY QUICK: Let me ask you about-- a question that came in from several viewers actually-- and that’s about the ETF. Dmosley Management wrote this version of the question in: ‘News agencies have reported that Berkshire Hathaway purchased two ETFs. So, can you talk about if this purchase happened? And if the purchase happened, who purchased the ETF for Berkshire Hathaway? And how was the decision made to purchase it?’ Small numbers.
WARREN BUFFETT: Yeah, it wasn’t---me-- it wasn’t me or it wasn’t Todd or it wasn’t Ted. And-- it-- it happened in some pension fund. And we have a few pension funds that aren’t actually managed by us. But I-- all I can tell you is that nobody that-- nobody that manages money at Berkshire is buying ETFs. Nor do I see any possibility that they will.
BECKY QUICK: Okay. Another purchase that came up recently, Kroeger. And Jason Escamilla writes in, “Was that one of yours, or-- or a lieutenant’s pick?”
WARREN BUFFETT: It was one of the others. And-- you know, I-- I know Kroeger. Kroeger-- Kroeger’s done a good job, but it’s in a very tough business. I mean, when you have-- when you have-- Amazon and Walmart slugging it out and Costco taking a special part of it and everything, it’s a tough business. But-- they’ve done a good job. And one of our managers decided to buy that.
BECKY QUICK: Okay. And then Kraft Heinz. This comes in from David Hall. He says, “Mr. Buffett, while Kraft Heinz continues to whittle down their total debt, do you feel that the current dividend payout is appropriate? Or should it be reduced further to free up more cash flow to reduce debt more rapidly?”
WARREN BUFFETT: I think Kraft Heinz should pay down its debt and it should-- but I think-- under present circumstances, it appears that it can pay the dividend and pay down debt at a reasonable date. And it has too much debt. But it doesn’t have some-- it doesn’t have debt it can’t pay down. And the debt owners are going to get the interest. And the debt should come down year by year. And I think it will and I think it can with the present dividend. But who knows for sure in the future?
BECKY QUICK: TheoFilos Theo writes in a similar question and says: “Do you still believe in the company and management at Kraft Heinz?”
WARREN BUFFETT: It’s still a great business, in the sense that it earns we’ll say $5 billion after depreciation pre-tax. And on $7 billion of tangible assets, it uses about $7 billion of fixed assets. It – working --. I mean, it’s a very valuable business, but we paid too much for Kraft. And we-- we took on more debt in that. And-- but we paid too much.
BECKY QUICK: Another question comes in from Beale (PH) again on Kraft Heinz. And this person writes in: “Private labels have performed very well against brands like Kraft Heinz. But they haven’t made a dent against other brands like Coca Cola or See’s. Why do you think that is? And how do you think about brands’ modes, given your experience with Kraft?”
WARREN BUFFETT: Brands are always going to be in a fight with the retailer. And it varies by country enormously. It varies by product category. If people -- I worked in a grocery store in 1941. Charlie worked in the same one in 1940. People would call and they’d ask for a can of peas and I’d write down, “A can of peas.” They’d call and they’d ask for Heinz ketchup, and I-- I’d better give them Heinz ketchup. They didn’t care which brand the peas were. They didn’t care that much whether the two quarts of milk we sent them were this brand or that brand. But they cared whether it was Heinz ketchup. That was in, you know, 1941. Some brands are terribly strong. You can’t bring out-- a private label Cola and do very well with it. And people have tried for a long, long time. On the other hand, you can bring out private labels and lots of products and-- and they sell very well. And-- you know, you take Costco with their own Kirkland label. I mean, that-- that label grows dramatically. It cuts across categories. It, you know, it’s done since 1992 or whenever it was introduced, what-- other people spend 100 years, you know, with huge amounts of advertising and special displays -- all kinds of things. So, the battle goes on. I would say that the retailer has gained ground against brands to some degree. But brands are still terribly important. I mean, try – give me a $10 billion budget and ask me to bring out another Coca Cola that makes a dent in Coca Cola and I can’t do it.
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