Warren Buffett CNBC Interview May 6th 2013 [VIDEO]

year, four times a year, have a lot of committee meetings and they get they want planes back out of town. it’s not easy to change when you have somebody that’s good, but not great. and so i — that is a reason to separate the two. on the other hand, i don’t think that it’s key to do that. i do think it’s important at berkshire because my son, howard, was the nonexecutive chairman. he would have no function. you know, in terms of capital allocation or anything else that would just see if there’s one chance in a hundred that we came up with the wrong ceo, it would be easitory make the change. is it almost a lead director position? it’s similar to lead director. and one of the beneficial things that have come out of securities, regulation in the last ten years or so is the idea of having a meeting once a year of the board without the ceo there. i’ve been a participant as a director in a lot of situations and directors say a lot of things and subjects come up when the ceo isn’t there that don’t happen with the ceo. some important things. why isn’t that preferable all the time instead of just — well, if you do it once a year — no, i’m sorry. that setup in that situation, why is it a situation that you think is only good in some cases than in others? why isn’t it is a r a good idea for berkshire now? berkshire does it now. we will have a meeting soon and they ask me to leave. it mak you a little nervous been but it’s required at public meetings, i believe. how long were you out of the room the last time this happened at berkshire? i go back to the office and i hope for a post meeting chatter or something. ron olson will be the guy that usually comes around. he’s come around as late as an hour later. for example, i don’t like a lot of security or anything and the board — i don’t know, two years ago or three years ago said you’re going to have more. and things like — they won’t talk to me directly like that when i’m in the room. it’s embarrassing to be the one that bring it up. i’ve been on one board where a lot of change happened because the ceo left the room. is the additional security the biggest thing the board has
ever imposed on you? they made suggestion owes a few other things, but that’s the most recent. it’s the one i remember, yeah.

Sitting inside the Global 6000 private jet, Warren Buffett, Berkshire Hathaway, chairman & CEO, discusses the increasing trend of private jet travel, with CNBC’s Becky Quick.

invested in the world. bny mellon. good morning, everybody. welcome back to squawk box. we are live in omaha this morning. right noer, we are sitting on a global 6,000. this is part of a signature series for net jet. you just started taking delivery of these planes in december last year. right. but this is a series of planes that you’ve specifically designed because he wanted certain things in these planes. people at net jet did it, but i made a suggestion or two myself. what was your suggestion? i like a wide bed. so that’s in back there? that’s back there. all the way back because thes planes can hold up to 15 people. they also have special crew quarters where you can sleep with them and i guess that’s so you can take longer flights? that’s right, if you need a crew change en route. so you’ve got these planes here. one interesting thing is that this weekend happens to be a huge weekend for net jet. so many people are coming not only here for the berkshire hathaway meeting but also to the derby this weekend. when i talked to bill gates, he said he thought this were about 25% more private jets than at this time last year. i talked to lou simpson over the weekend and he thinks it’s part of the wealth effect, people starting to buy into what they’re seeing in the stock market. we are seeing in flying the people that own the planes or fractions of the planes are flying more hours than they were. when 2008 came along in the fall, people owned the planes, they were paying a monthly management fee. they had their homes,ation homes wherever they might be, in florida or colorado. but the flying fell off dramatically. very, very, very rich people cut back in a significant way. it was like somebody blew a whistle and it’s been coming back from that. was that in part, do you



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