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Question: How would you quantify the impact and damage of Berkshire losing its AAA credit rating? What are you doing actively to restore its AAA rating? Buffett: It won't regain it soon - I don't think ratings agencies would turn around like that. Moody's affirmed the rating in January. In terms of our credit default swaps which is a metric you can use for credit acceptance. That spread came ... read more

Question: What is your latest outlook on the dollar given what's been thrown up in the air in the last 6 months?\ Buffett: It's pretty unpredictable. I guarantee you the dollar will buy less 10-20 years from now. But we are doing things that will hurt the purchasing power of the dollar. On the other hand the same thing is happening in different countries around the world. The British will run a ... read more

Question on Berkshire's latest investment - BYD Munger:...I know it looks like Warren and I have gone crazy - but I don't think we have. The car you're going to see - I think they make everything in that car except the glass and rubber. Whoever went into autos and made every part? This is not normal. This is very unusual and I regard it as a privilege to have Berkshire associated with a company ... read more

Buffett: 1Q operating earnings of $1.7B vs. $1.9B one year ago. Cash on hand a little less than $20B. We're lucky to be in the insurance and utility businesses ... read more

Munger: a lot of new regulation coming wouldn't have been needed if accounting wasn't done better in banking. Yet - I haven't met an accountant who has said I'm ashamed of my own profession. If they don't have shame - it's not right. ... read more

Question: You've talked a lot about opportunity-costs. Can youdiscuss more important decisions over the past year? Buffett: When both prices are moving and in certain cases intrinsic business value moving at a pace that's far greater than we've seen - it's tougher, more interesting and more challenging and can be more profitable. But, it's a different task than when things were moving at more ... read more

Buffett: I think 90% of the repurchase actitivity I've seen in last 5 yrs didn't benefit shareholders - I think it's because management thought it was right thing to do and investor relations said to do it.  We will never buy our stock at a silly price. A significant % of corporate America has done that over the years. ... read more

Buffett: High-end retail has been hit hard. Big change in consumer behavior and I think it will last longer. I don't think the experience of the last couple years will go away fast. I wouldn't think our retail businesses will do great for a considerable period of time. In retail real estate - I would think that would be a tough field to be in. I think shopping centers will see vacancies that are ... read more

Question: At what price does it become compelling to invest in newspaper business or is there no price in today's environment? Buffett: The current environment is accentuating problem in newspapers -but it's not the basic cause. Charlie and I read 5 a day. We'll never give them up. We would not buy them at any price. They have the possibility of going to unending losses. They were essential to ... read more

Question: I'm 11 years old. How will inflation affect my generation? How is Berkshire investing to prepare for this time? Buffett: It's certain we'll have inflation over time. We are following policies in this country now to stimulate business - which are bound to have some inflationary consequences. We're building up a lot of external debt. Politicians talk about taxpayers paying for this and ... read more