Squawk Pod: Warren Buffett in Omaha – March 31, 2026

Episode Overview

This special episode of Squawk Pod features an in-depth interview with Warren Buffett, his first since stepping down as CEO of Berkshire Hathaway. Hosted by Joe Kernan, the conversation spans Buffett’s ongoing philanthropic ventures, Berkshire’s investment strategies, economic outlooks, and pointed reflections on recent controversies surrounding the Bill Gates Foundation and Jeffrey Epstein. The tone is candid and reflective, with Buffett openly discussing both his enduring optimism for the American economic system and the personal and institutional challenges he has faced.

Key Discussion Points & Insights

1. Return to Charity: The Revamped Luncheon Auction

• [02:54–11:15]
  • Buffett is back: After retiring the tradition in 2022, Buffett announces a new charity lunch auction—this time joined by Steph and Aisha Curry, benefitting both the Glide Foundation and the Currys’ Eat, Learn, Play Foundation. The auction will run from May 7th–14th.
  • Backstory: The original luncheon idea came from Buffett’s first wife, Susie, who was inspired by Glide’s Reverend Cecil Williams. Buffett recounts the auction’s humble beginnings and its impressive growth via eBay.
  • Why he returned: The Glide auction lapsed after his retirement, and with Rev. Williams’ wishes in mind, Buffett felt compelled to “do one more just to get it started again” ([07:57]). He’s also pledged to match this year’s winning bid.

“It inspires people… It would have killed me to have this just die off as much as Cecil poured into it himself.”
—Warren Buffett, [09:19]

2. Life After CEO: Berkshire, Investment Style, and Greg Abel

• [11:20–18:08]
  • Buffett’s new routine: Says his life “is not much different” but everything takes “way longer” now. Praises successor Greg Abel, who “covers more ground in a day than I would in a week” ([11:34–12:38]).
  • Staying involved: Buffett remains active in investing (with Greg’s approval), still tracks daily trades, but admits to only one small recent purchase, saying, “We aren’t finding things that…we weren’t finding them before” ([16:14–16:18]).
  • Cash is king: Berkshire is “north of $350 billion” in cash and T-bills—Buffett notes, “We bought $17 billion this week” ([14:08–14:21]). Berkshire is likely “the largest bidder” for T-bills in the U.S.

“Greg covers more ground in a day than I would in a week, even when I was at my peak.”
—Warren Buffett, [12:17]

3. Market Outlook: Valuations, Tech, and Apple

• [18:08–24:06]
  • Market correction: Despite a rough quarter for stocks, Buffett shrugs off the idea that equities are now cheap, pointing out he’s “seen the market go down more than 50% three times” and that “this is nothing” ([16:40–17:10]).
  • Investment decisions: Buffett says, “we aren’t in it to make 5 or 6%,” and holds out for meaningful bargains ([17:14]).
  • Apple’s place: Still Berkshire’s largest holding. Buffett expresses both pride and mild regret:

    “I sold it too soon, but I bought it even sooner… I think we’ve made over $100 billion in that pre tax.”
    —Warren Buffett, [19:56]

  • Tech aversion and humility: Admits he’s “so late to the game” on tech (especially AI) and prefers consumer-facing businesses:

    “I don’t because I wouldn’t be any good at it. And besides, I’m so late to the game, I am not learning new things well.”
    —Warren Buffett, [24:15]

4. Economic & Federal Reserve Concerns

• [25:55–34:45]
  • Fed’s tough job: Buffett would be most concerned about the U.S. dollar’s status as a reserve currency; warns, “if it does happen, I wouldn’t want the responsibility of running the Fed” ([26:20–26:47]).
  • On monetary policy: Praises Jay Powell for decisive pandemic-era action, but wishes the Fed’s inflation target were zero:

    “Once you start saying you’re going to tolerate 2%, that compounds pretty dramatically over time…”
    —Warren Buffett, [28:30]

  • Banking system fragility: Notes both the strength and interconnected fragility of U.S. banks. “JP Morgan … reported doing $10 trillion of business per day. That’s an unsecured policy.”
  • Cash over speculation: Maintains massive cash reserves as insurance: “We’ll always have cash around and we’ll have treasury bills. We won’t have money market funds…” ([32:48])

5. Gambling & Market Speculation

• [34:31–38:47]
  • Speculation vs. long-term investing: Buffett draws a stark line between investing and gambling, decrying how American markets blend both:

    “You have this incredible cathedral called the American economic system… But attached to it is a casino and people can walk back and forth between the two.”
    —Warren Buffett, [34:34]

  • Government’s role: Cautions against the state’s complicity in legal gambling and lotteries:

    “I don’t think the function of the government is to play its people for suckers.”
    —Warren Buffett, [37:57]

6. Geopolitics: Middle East, Oil, and Nuclear Risks

• [38:47–46:30]
  • Middle East uncertainty: Buffett admits he can’t predict oil prices or geopolitical shocks, but recognizes their impact on positions like Chevron and Occidental.
  • Nuclear arms: Describes nuclear proliferation as a persistent existential risk, referencing historical context and recent political calls to address Iran’s nuclear ambitions.
    • Shares a chilling anecdote about a president’s readiness to launch nuclear retaliation:

      “He said, I thought about that every day during the time I was in office. ... I think the answer is yes, I would tell them to do it. That is the point policy of the United States of America.”
      —Warren Buffett, [44:51–45:08]

  • On risk and leadership: Observes that the greatest risk lies with “somebody that’s got their hand on the switch who is dying themselves or facing enormous embarrassment if you’re a semicoepone. If you’re cornered.” ([46:09])

7. Philanthropy, Gates Foundation, and the Epstein Scandal

• [46:30–62:36]
  • Buffett’s giving: Has given away almost $60 billion, mostly to the Gates Foundation.
  • On Jeffrey Epstein: Buffett is startled by the scope of Epstein’s manipulation:

    “He had a way of conning everybody… He found their weakness, it might be sex, it might be power, it might be whatever it might be.”
    —Warren Buffett, [46:51, 47:47]

  • On Gates Foundation governance: Admits to being unaware of much that was happening:

    “I learned that I didn’t know what was going on, which didn’t mean something terrible was going on, necessarily, but I certainly didn’t know what was going on.”
    —Warren Buffett, [53:54]

  • Cautious continuation: Buffett may pause giving additional funds until investigations clarify further details. He is firm that, “I don’t think Bill had anything to do with girls or the island or anything like that” ([57:39]).
  • Possible legal fallout: Buffett anticipates “major foundation hearings” and possible changes to the law in response to the Epstein revelations ([60:15]).
  • The Giving Pledge: Talks about its global impact and critics, shrugging off backlash:

    “If they don’t like it, they can retire from it. They didn’t make a legal pledge anyway.”
    —Warren Buffett, [65:01]

8. Final Reflections: America, Politics & Personal Ties

• [70:46–72:19]
  • On America’s contradictions: Buffett sees the U.S. as both the “wonder of the world” and troubled by division, noting the extremes of prosperity and inequality and the difficulty of problem-solving in a two-party system.

    “It’s become more partisan than ever and we’re more prosperous than ever…so you have to say capitalism’s worked. But it still needs…”
    —Warren Buffett, [71:40]

  • Party affiliation: Buffett confirms he’s been both a Democrat and Republican, but now considers himself an independent ([72:03]).

Memorable Quotes & Moments

• “Greg covers more ground in a day than I would in a week, even when I was at my peak.”
  ([12:17], on his successor at Berkshire)
• “We’ll always have cash around and we’ll have treasury bills. We won’t have money market funds… There’s just one thing that’s legal tender.”
  ([32:48], cash as a fortress)
• “You have this incredible cathedral called the American economic system...But attached to it is a casino...People like to gamble.”
  ([34:34], on speculation)
• “I don’t think the function of the government is to play its people for suckers.”
  ([37:57], on lotteries and gambling)
• “I think there could be major foundation hearings”
  ([60:15], predicting fallout from the Epstein files)
• “It’s become more partisan than ever and we’re more prosperous than ever…so you have to say capitalism’s worked. But it still needs…”
  ([71:40], closing reflection)

Timestamps for Key Segments

• [02:54] Charity luncheon returns: Glide and Eat, Learn, Play foundations
• [11:20] Life after CEO, Berkshire’s current structure and Greg Abel praise
• [14:08] Berkshire’s current cash position and approach to T-bills
• [16:40] Market correction—Buffett’s take on stock valuations
• [19:56] Reflections on Apple investment—“sold it too soon, but bought it even sooner”
• [25:55] On the Fed, inflation targets, and systemic risk
• [34:34] Speculation, gambling, and the casino analogy
• [38:47] Middle East, energy security, and nuclear threat context
• [46:51] Gates Foundation, Epstein files, and philanthropy controversies
• [65:01] The Giving Pledge and billionaire backlash
• [71:40] Partisanship in America and closing thoughts
• [72:03] Buffett declares: “I’m an Independent.”

Closing Notes

Buffett’s tone is warm, disarmingly self-effacing, and philosophically candid throughout. He repeatedly emphasizes humility regarding uncertainty, prioritizes prudence and integrity, and remains committed to philanthropy—with an ever-watchful eye toward new risks, both systemic and reputational. The episode gives a rare, unvarnished view of Buffett in transition, ever pragmatic and reflective on his outsized role in finance, charity, and public life.