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Weekend With Warren: Berkshire Hathaway CEO Warren Buffett on his investment in newspapers and the administration’s push for higher taxes on the wea...
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What other things you said that people sat on the edge of their seat because they want to know what your buying born newspapers.
It's possible.
Jimmy Kimmel told a joke at the Washington correspondents dinner said what's black white and red all OPEC -- -- not a -- If you're buying now that you said specifically local newspapers about the New York Times -- -- -- about -- If I would have to say -- -- -- -- -- -- by personally I don't know about the Berkshire but that is not for sale it's that's a very special case.
The newspapers that existed communities where there's a strong sense of community.
And with the newspapers respond to that strong sense of community by and by telling people -- whole lot of things that they wanna go about their own community that they can't find someplace else.
Those newspapers will do okay they'll still be -- decline over time.
But is it that you've seen that their value is relatively that their prices relatively cheap to earnings in some cases in some cases.
But the earnings are not gonna -- That the earnings are not gonna go up I mean you're looking and and -- -- -- down mode and back real cases so you have to buy them at a valuation -- Takes that into account all the Washington Post -- stepped down from the war and rob but you still fully own your position on -- -- -- -- -- Even though it's off of 52 because -- feel it's doing pretty well.
Well it I don't know whether published her first quarter -- -- -- but.
But they have problems in two of their businesses one in the education business and one of the newspaper and then.
That's been reflect that I think that the price but.
Those two businesses that are.
Well the newspapers far tougher than it was five or ten years ago and the education businesses suffer that was about two years ago.
What's interesting to people -- when you say that you would buy more newspapers is at a time when everybody else is getting out.
Seems like you and Rupert Murdoch are the only people getting into newspaper's staff for a.
That requires competitive profile Clinton -- -- that develop.
But.
They are not a it's not an industry whose earnings are gonna -- the earnings are going to shrink in the newspaper business as are the revenues but not.
I don't necessarily think -- shrank at a dramatic rate where you have a strong feeling of community and have a newspaper that serves that community well.
Hope Washington Post reported Friday in the red they felt -- the revenue fell well speaking of Rupert Murdoch as -- brought it up.
Head of News Corp.
the parent of Fox Business you -- a little quip about.
Our sister network fox one shareholder question whether your personal politics.
Hurt shares of the company and your response was.
I really think someone making an investment decision based on the politics.
Of whether he agrees or not but the CEO sounds to me like he ought to own fox.
I'll leave -- that.
What I wouldn't if I well I mean I think it's silly to make a decision based on the politics of the CEO -- I can't tell -- the politics.
Of the CEOs of our major investment -- didn't -- to a that I would know about but it.
It it is absolutely zero -- and are making decisions about.
I guess maybe people were really meaning that they're in contradiction they feel differently about the Buffett rule than you do.
You clarified in September to Fox Business Network that what you meant was the super rich should pay -- commensurate tax rate of about 30%.
Federal rent a lot of the rest of Americans are paying get the prophet yet the Obama administration.
Kind of took it in a different way in is now promoting it for people who make a million dollars or more have you talked to the president about.
How he's split from what you really intent.
Well isn't really right.
Different than what I -- I mean I might tweak it a little bit in one direction and other.
But I was talking about the people making a million -- more I would probably have a different break also for the people making ten million or more.
The is senator whitehouse is the one that.
-- the -- and and I wrote him a letter immediately after dissident and I basically approve his bill life.
-- right developed run it looked slightly different but so what everybody else but I I think it it gets it that it gets at the point.
That 431.
Out of 400 of the highest incomes in the country those 400 incomes average 270.
Million each that's not bad it's in almost three quarters of million dollars a day quick check -- They -- had a a third of those people paid less than a 15% rate combined payroll and income tax and -- I think I think that's wrong and I -- -- and then and then.
Economy what we're gonna ask for shared sacrifice of people.
That we ought to go after bigger doesn't solve a revenue problem but I think that people want to call that that as at least that much fair assessment of Warren.
If you feel so strongly about that.
Why not take a -- salary than you always have you've always opted to take your income in cap in Berkshire stock vs cash.
Yet if you took the bigger -- instead you could pay about 30% rate yeah why not have done.
Probably government would get a deduction do so the government will do you would be worse off roughly applies actually to the company will get a 35% reduction.
If they -- took me so -- that it it wouldn't change or would you save some money from the -- -- Here's what what I heard from some other people too is they said do you know when you're donating most of your.
Your money -- -- the Bill & Melinda Gates Foundation which is Philanthropic and wonderful and yet that will keep it from being taxed.
And somewhat said why not them let it be tax because it wouldn't that be helpful to give it has revenue to the government.
That would be an alternative but I I think that we will probably.
Be able to accomplish a lot more around the world without money going and they foundation but it it's a wonderful tax -- I urge all you all the viewers -- they if they wanna pay less actually should give away more money.
