Still involved in investments but won't make any that Greg Abel thinks are wrong. Gets calls from investment bankers but finds nothing attractive.

Greg Abel covers more ground in a day than I would in a week. He's starting to get a few calls and he'll call me about them.

Probably north of $350 billion in cash and treasury bills. Bought $17 billion in T-bills this week.

Berkshire is the largest owner of T-bills. We get calls all the time and they're silly calls. They aren't offering anything that's at an attractive price.

No. Three times since I took over Berkshire, it's gone down more than 50%. This is nothing. If they're five or 6% cheaper, that doesn't... we aren't in it to make five or 6%.

We aren't a big seller either. In the end, we own businesses. Two-thirds of our money or more is in our businesses.

If there is a big decline, we will deploy. We will deploy it because stocks are attractive or businesses are attractive to us and we are not planning to sell them next week or next month.

We want to be right on them. We've had our American Express stock 30 years... Coca-Cola close to 40 years. The goal is to own businesses.

I sold it too soon, but I bought it even sooner. I think we've made over hundred billion dollars in that pre-tax. Apple is still our largest single investment.

I don't have any ability to predict what stocks will do next week or next month. I will buy them if they're cheap. I'll buy a whole lot of them if they're cheap and I think I really understand the business.

But not in this market. I mean it just isn't going to happen in this market.

Depends on the stock. Generally speaking, they move together to quite a degree. I don't think I know what the market's going to do. I do think I've got a reasonable idea of what a business is worth.

I have no idea what the stock market's going to do, and I don't think anybody else does either.

I wouldn't be any good at it. And besides, I'm so late to the game. I am not learning new things.

I still don't know what to do with the phone, but I just recognize the fact that you're going to have one and your kids are going to want one and it is incredibly useful.

The thing I'd worry about always is, you know, you're the reserve currency of the world. I would care about inflation. I would compare what I really would care about is the stability of the banks.

The banking system is in some senses very strong in other senses very fragile. JP Morgan reported doing 10 trillion of business per day. That's an unsecured policy. I didn't want during the 2008 period, I didn't want anything unsecured out there for a day.

It's all parts of the banking system because they all affect each other and the troubles from one can spread over to another.

I don't think I know. I do not think I know what. Therefore I want to be prepared for anything and therefore we will always have cash around and we'll have treasury bills.

We won't have money market funds and we didn't have them in 2008. We won't have commercial paper. There's just one thing that's legal tender.

It means that two oil positions we have, Chevron and Occidental, go up a lot but that doesn't mean I can go around predicting what'll happen next. I don't know what's going to happen tomorrow over there.

It's astounded me how human people are. I'm so happy the guy didn't stop in Omaha ever. I mean, or that I didn't live in New York. If I lived in New York, I some party I would have been at some damn thing.

He had a way of conning everybody. He found their weakness. I've learned things I didn't know about something for all these years.

I'll wait and see what unfolds. The stock isn't going any place. I'll wait and see what I'm learning. I've learned things I didn't know.

I think until it gets cleared up, I just don't think it makes sense to do a lot of talking. For one thing, my memory is no good anymore and I don't want to be under oath.