One on one interview with Warren Buffett

" WARREN BUFFETT, CHAIRMAN & CEO, BERKSHIRE HATHAWAY: I don't spend a lot of time thinking about the economy. Nevertheless, what I see would indicate to me that this is not a short-run phenomenon.....

It still has a ways to go. I mean, there's a huge inventory of houses around and they went up too far. In many areas they went up to crazy levels. The money isn't going to be enough, able to -- available to finance crazy prices anymore.....

I'm looking for a business I can understand. It has to be something that I can get my mind around. It has to have durable competitive advantage. It can't be a hula hoop company or something like that. It has to have a management that I trust and admire. And then it has to be at a sensible price and preferably it has to be big. And every now and then we get a chance to do that...."

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