2021: What are the stocks Buffett bought that he says he doesn't know much about?

BECKY QUICK: Warren, when we spoke before the annual meeting, you said that it was okay if I asked a follow-up or two, and I’d like to make one of those right now, you said you bought some stocks that you don’t know a lot about what are they?

WARREN BUFFETT: Well, I will not get into naming what… as I said and it maybe that there’s something there that I think I know about that I don’t know about, but we’ve bought stocks where Charlie and I, I mean, we know the business generally, but we don’t have any insights. And they are as a group, if I had to tell me I was going to be shot, and once I got the best result, I would rather own those stocks than the treasury bills we own. But on the other hand, we work with the quantities of money where if we put $50 billion at the things that I’m kind of so, so about, but that are better than treasury bills, it doesn’t… I’m not wildly comfortable about that even though it can be undone.

That’s selling 50 billion when it’s really attractive to buy something else. There’s a lot of slippage that can happen in moving sums like that around. So that’s something we talk about all the time. They’re good companies, they’re fine companies, but do we know something about those companies or have a way of evaluating that gives us an edge, the answer, I think, what do you feel about Charlie? We’ve talked about it a lot.

CHARLIE MUNGER: Well, of course it’s a lot harder. And I think one consequence of the present situation is that Bernie Sanders has basically won. And that’s because with the, everything boomed up so high and interest rates, so low what’s going to happen is the millennial generation is going to have a hell of a time getting rich compared to our generation. And so the difference between the rich and the poor and the generation that’s rising is going to be a lot less. So Bernie has won. He did it by accident, but he won.