Squawk Pod: Greg Abel kicks off Berkshire Hathaway’s annual meeting- 05/01/26 | Audio Only

Hinzugefügt: 2026-05-08

[00:00:00]Bring in show music, please.

[00:00:04]>> This is SquawkPod and I'm CNBC producer Cameron Costa. On today's episode, we head to Omaha where the Berkshire Hathway annual meeting is just starting to get underway.

[00:00:17]>> Where is Becky Quick?

[00:00:18]>> Hello everybody. I am here live at the Jazwares booth, the maker of the Squishallows. It is the first year in 60 that Warren Buffett will not lead the Berkshire Hathaway annual meeting.

[00:00:31]Berkshire's new CEO, Greg Ael, will take the stage and some things will be different, but Abel says important things will stay the same.

[00:00:39]>> I just want them to really know that Warren brought this amazing commitment to Berkshire and deep understanding, and I want them to know that remains. In a sitdown interview with Becky before the crowds file in, he discusses this new chapter of Berkshire.

[00:00:56]>> Number one, very fortunate that Warren still comes into the office every day and he's a great sounding board.

[00:01:02]>> And longtime shareholder and Berkshire board director Chris Davis joins us.

[00:01:07]>> Nobody can communicate the way Warren can.

[00:01:09]>> What he's expecting from Greg Ael this weekend. I think people will be recognized that sort of gradual transition from sort of opining on the world to what do we own? What are the advantages? What's the durability of the businesses?

[00:01:22]>> Plus the stocks that get him excited as chairman of Davis Adviserss.

[00:01:27]>> Capital 1 is a classic growth stock in disguise. I mean, imagine it's one of the largest banks in the country. It's still run by the founder.

[00:01:36]>> It's Friday, May 1st, and Squawk Pod begins right now. Stand Andrew by in three, two, one, Q. Andrew.

[00:01:46]>> Good morning and welcome to Squawkbox right here on CNBC. I'm Andrew Ross Sorcin along with Becky Quick in Omaha this morning. Becky or I should say Joe uh is off, but uh Becky, you've got a whole lot of things going on at what is still the Woodstock of Capitalism.

[00:02:03]>> Yeah, that's right. There's a lot here in Omaha, Nebraska. It's uh Bergkshire Hathaway's annual meeting. this time comes around very quickly once again.

[00:02:10]Andrew, it looks a lot like it has for the last two decades here. But it is going to be pretty different this time around. And that's because for the first time in 60 years, it's not going to be Warren Buffett taking the stage on Saturday. This time, it's Bergkshire's new CEO, Greg Ael. He'll be at the helm.

[00:02:25]He'll be answering questions. And the theme of this meeting is actually the legacy continues. That is what Greg Ael says he's committed to doing. Over 125,000 credentials were requested this year. That's about in line with what we saw in 2024. It is slightly down from last year, down by about 10%. Of those requests, some 30 to 40,000 shareholders are expected to make their way here for tomorrow's Q&A sessions. And for the shareholder shopping, of course, there's a lot of shopping to be had. Seas Candies brought 11 and a half tons of chocolate with it this time. That's a half ton more than they brought last year. Dairy Queen has over 26,000 frozen treats that they are waiting for people to snap up. Brooks Running is right here. It expects to see over 2,000 pairs of shoes, but there are a lot of questions that shareholders have as the company begins this new chapter.

[00:03:15]Brookshire has so many companies, and we'll be speaking to the managers of lots of those companies, trying to get a feel for what this means right now, what the question for inflation is. We'll dig into a little bit more of that inflation question. We've got much more from Omaha throughout the morning. Uh, but for the moment, I will say, Andrew, you've been here a lot of times. You know what this place feels like. So far, it feels like the same sort of vibe, but we will see what happens when the doors open later today and when we actually start to see shareholders here as well.

[00:03:41]>> I'm imagining I mean, we've talked about this, I think, Becky. I'm imagining that it's going to be like a reun. I mean, what it's become for so many people a reunion. I mean, a lot of people go there obviously to see Warren and Charlie for so many years, but to some degree they go there to see each other.

[00:04:00]And I imagine that's one of the reasons u that this is going to continue. I mean people have built up uh friendships, but there is now, you know, conferences that shoulder this event. There's dinners and meals and all sorts of things. And so, you know, I know everybody has raised these questions about, you know, if Warren's not on the stage, what happens, >> but yeah, >> I don't know. We'll see.

[00:04:23]>> You and I have been talking about that off camera for a while. And um I I think you're right. I I think that idea that that you first pointed out to me, it's the the camaraderie that comes with these long-term shareholders who have gotten to be friends and this has gotten to be something and I know of several dinners that were already here last night. I know of a lot of breakfast and different things that began even this morning. Other conferences as you said that are brought up around that and for the moment that definitely is the feel I get being here on the ground. also seeing how many tickets were requested.

[00:04:55]Now, some people request those tickets within Nebraska because you can use them uh to go get discounts at the Nebraska Furniture Mart and different things. Um but they also, if you are looking at the hotels, the hotels are pretty fully booked. The number of airlines that are uh air flights that are coming in on the airlines pretty fully booked at that point, too. I know you couldn't get a car already if you were going to any of the car rental places over the last couple of days. So, you know, for the moment, it seems like it is business as usual and those crowds I I anticipate will certainly be here this weekend.

[00:05:29]>> The Woodstock of Capitalism, it continues.

[00:05:34]>> Joining us this morning here from the Berkshire Hathway annual meeting is Chris Davis. He is the chairman of Davis Advisors, which has more than $ 31 billion in assets under management. He's also a director here at Bergkshire. He's a director at Coca-Cola and oh and Graham Holdings also another director on that board as well. Um Chris, I've known you for I think 15 years or something.

[00:05:55]I've never gotten the chance to interview you here from the Berkshire Hathaway annual meeting. So I'm excited about this. Um I really want to get your perspective as a Bergkshire director, but as somebody who's been coming to the Bergkshire Hathaway annual meeting for what, more than 35 years at this point?

[00:06:09]Wow.

[00:06:10]>> Yeah. So, a longtime Bergkshire follower and a kind of a a loyal um Bergkshire visitor to this event. This is the first time in 60 years that someone other than Warren Buffett is going to be taking the stage and answering shareholder questions. What What do you expect? What do you anticipate? What do you want to see? Well, I think there nobody can communicate the way Warren can and so I think there's probably uh will pivot more towards information substance about the businesses. Uh and I think people will be recognize that sort of gradual transition from sort of opining on the world to what do we own?

[00:06:51]What is what is the the what are the advantages? What's the durability of the businesses? How are they performing? I mean, that is just Greg's wheelhouse.

[00:06:58]He's just a fabulous operator.

[00:07:00]>> Berkshire shares have underperformed the S&P 500. Um, what do you think about the shape of the businesses right now? What what do you want to hear? I mean, you probably know all of these things, but if you're the average shareholders who's sitting in the audience, what would you like to hear?

[00:07:11]>> Well, I would just I would just say what over what time period? I mean, the S&P 500 is such a peculiar distortion right now. You know, we sat out here in 1999 and everybody said, you know, Bergkshire is dead. Value's dead.

[00:07:26]is a dinosaur. Why doesn't he just index? And you know, you get these sort of cycles. And we've been in a super cycle where the index valuation has gone higher and higher. The number of uh uh of of contributors has gotten narrower and narrower. So, we're in a very distorted environment and I I would give it some time to play out.

[00:07:45]>> Okay. You are somebody who considers yourself a value investor, but I think a value investor who's also looking for growth along the way with this. I'm I'm very interested in one of the storylines you've been pursuing in stocks and that's u the financials that we've been in this mag seven environment for so long. You're looking at the financials as the new mega caps for some of these reasons. Explain that. Well, I I think that financials have this characteristic of of where you get enormous sort of durability in the business model and they're businesses where culture can be a defining business over a defining advantage over a long period of time.

[00:08:22]And I think what's happened is the financial crisis created this sense that financials are very fragile and so capital ratios have been built, regulation has been added just like happened after the crash and the depression in the 30s. So you now have very durable businesses that are well capitalized and yet people still trade them as if they're very fragile. So I think that what will happen over the next decade is people will come to recognize that this is misunderstood durability and that they in a sense have the ability to grow their dividends for decades. And I think they'll go from being perceived as fragile to being perceived as boring. And uh I think that that's a very useful transition because as you know utilities trade at about 20 times earnings. You know lots of boring companies trade at these high valuations because people trust that they're not fragile. I think that's sort of what's in front for financials >> within that. You like Capital One in particular. I I think you called this the original fintech stock.

[00:09:24]>> Yeah. Well Capital One is a classic growth stock in disguise. I mean imagine it's one of the largest banks in the country. It's still run by the founder, right? Alexander Hamilton's not running the Bank of New York and Mr. Wells and Mr. Fargo have moved on to greener pastures, but here you still have Rich Fairbank running uh uh Capital One. And absolutely, it was run from the beginning as a data science company, as a fintech company. It didn't have any branches. It didn't have any brands. It built one of the great uh uh great companies with this unique culture that is really data driven. And I don't know any company that is better positioned for the advent of AI and uh uh and the in financial services uh than Capital One and it trades at nine times earnings. I mean it's just amazing to me to have those sorts of opportunities in a very expensive market.

[00:10:16]>> Chris, one of the things I love about you is you are opinionated and you don't mind sharing those opinions with people.

[00:10:22]I I know recently um you had some pretty thing strong things to say about the private equity markets getting retail investors um kind of built into their business and and and having that lockup period for a long time. What's wrong with that? And first of all, how do you feel about it overall?

[00:10:38]>> Well, I you know, Bill Ruane was one of the the great people I've known and he had a a saying where he said, you know, first come the innovators, then the imitators, and then the swarming incompetence. And this happens all the time in financial services where you know there's some innovation, there's some new way of doing things and you get really smart people achieving great results and then people that attracts attention and money starts pinging in and all of a sudden it becomes a sales game and and in the end it is just an asset gathering and usually it's the retail investor that gets left holding the bag. This happened with oil and gas partnerships in the 80s. you know, it it's just sort of the last up with all the crappy IPOs in the late 90s. They stuck them into the widows and orphans.

[00:11:26]And I really see that in private equity.

[00:11:28]You had wonderful, incredibly well-run uh uh uh innovators that created that industry. And the industry has grown and grown and grown until really it's just uh they just sort of passed the potato one company to another. I was actually talking to a young a relative of mine who works at a quite a well- reggarded private equity firm and he just get is getting his first deal in the portfolio and I I said what is it? He said you know it's this weird sort of host homeares uh housewares company. Uh and he said we're the third owner in private equity.

[00:12:04]>> I think the juice is out of that lemon and they just add more leverage. And so what's happened is liquidity is drying up. Less money's coming in there. So what are they doing? Let's try to stick it to the retail investors. And I think that is really disgraceful. I think you have uh people with their life savings being put into products that really are to allow exits for the more sophisticated investors. So I think it's a terrible idea and I think liquidity is mispriced today. I think people should want to be able to change their minds.

[00:12:34]Let me ask you about one more thing I know you're kind of fired up about today and that is an activist investor going after Markell which is a company that your grandfather invested in and you've known very well for what 40 years at this point. Yeah, we've been invested in Markel since it came public. And in fact, I met the now CEO when he was still a crank in the investment department because we were sitting next to each other at the Oreium Theater in Omaha 35 years ago at a Bergkshire Hathaway annual meeting in like 1991.

[00:13:07]And what was clear was this was a company that had this profound sense of integrity and was studying Bergkshire and studying the idea of what had made Bergkshire what it is and come to the conclusion there no shortcuts. There are lots of imitators of Bergkshire but they wanted to build a company with insurance as their base which they had but recognize that they should have these three legs of the stool investing wholly owned businesses and insurance. And this this activist investor comes in and says, "Oh, it should be split up." And it's really again the innovators in the beginning there was a useful role for activists that has just become an asset gathering industry. I think it's outrageous that corporate pension plans for example are even invested with these sorts of funds. They are they are actually a cancer in the in the uh uh corporate governance business because what they really are is short-term investors. And I saw an activist get into Texas Instruments that's been incredibly well-run for 25 years but makes long-term investments and they get in there and say no stop that and you know just dividend out the money. and going in and proposing to split up Markeel is really one of the stupidest suggestions that I've seen made in in the last 10 or 20 years. That is a record of shareholder integrity, of long-term performance, of something built to last. And these guys are just trying to get a short-term pop by selling off businesses with real workers that have created real value for shareholders. Chris, I think um you might be able to fill Charlie's seat on the stage in terms of making sure there's a moral authority in somebody who says exactly what they think about things here. It's >> one of the great advantages of age. You stop caring what other people think.

[00:14:52]>> What did your daughter say to you yesterday?

[00:14:55]>> She said, "I've run out of something, you know, but maybe filters."

[00:14:58]>> You have zero somethings. Is that >> Well, we love that. Um and it's great to see you here. Thank you so much for taking the time today.

[00:15:06]>> Thank you so much, Becky. I'm glad to be here.

[00:15:10]>> Cheese will be next.

[00:15:11]>> Coming up on Squawk Pod.

[00:15:13]>> Hi, how are you?

[00:15:14]>> How are you? Good to see you. Nice to see you. Thank you for what you do.

[00:15:17]>> Becky sits down with Greg Ael, the first new face leading Berkshire's annual meeting after 60 years of Warren Buffett. Greg Ael is in it for the long haul, too.

[00:15:29]>> My runway is really long. I I love doing this. and what Bergkshire's many many companies tell him about the inflation picture.

[00:15:37]>> It's all manageable at this level, but we all know what's happened to countries at the extreme levels >> and postco we hit some pretty high levels. When we're at that 8 to 9% level, that's pretty alarming and it adjusted down. So, if it gets to levels and then it continues to compound, it gets very scary. Berkshire Hathaway's new CEO kicking off the 61st annual meeting right after this.

[00:16:06]Welcome back to SquawkPod from CNBC.

[00:16:09]Here's Becky Quick. Greg, first of all, thank you for having us here at um what is the first meeting of the new Bergkshire. Um first time in 60 years that they have a new CEO who's heading up this meeting. What what what is this like for you? you've been doing this for so long, but what is this like for you this first time out?

[00:16:27]>> Well, thank you for being here and and and we're so excited to be here in Omaha. So, it is a great tradition and yes, first time in 60 years. Um, fortunately, Warren will be a part of it and and we're excited by that and and what I really want to communicate to, we have our owners here and these couple days are especially on Saturday, it's owner's day. It's their day. So, I just want them to really know that Warren Warren brought this amazing commitment to Berkshire and deep understanding and and I want them to know that remains that there's a team, myself included, that are absolutely committed uh and have a deep understanding to Berkshire and we bring that same passion every day.

[00:17:13]>> What's going to be different at the meeting this year? anything or >> there there's some some just evolution as you as I think um hopefully our our owner shareholders enjoy. So one of the things we'll be doing is introducing some other managers. Yeah.

[00:17:29]>> And that was very purposeful because we have a we when you walk around here and all these businesses, we have exceptional leadership in the businesses and we very much operate it where this ownership mentality. It's their businesses. But what we want is to on stage let all the owners, all the shareholders, those watching CNBC start to see the depth of management in Berkshire.

[00:17:52]>> How did you pick the managers? and and I I understand Adam because he's obviously in this new management role. Katie Farmer is going to be on stage too. What what made you get to those people that you' be bringing up?

[00:18:04]>> So it started with the thought that um on the insurance side we have Ajit.

[00:18:08]>> Yep. But even even Sunday we'll we'll add an insurance manager and things like that because the idea was if if you think of start with insurance um there's no one better than Njit and and the world needs to hear him and see him but equally we have a deep team there and that's something I've been so excited by. uh when Warren made the announcement last May as we all know the first thing he did was pull together the senior team from the senior leaders on the insurance side and it was a small meeting in Omaha Warren I Ajit and and say five other of the senior leaders in insurance but Warren was very open about okay this is our new team uh I was the first I've got a lot to understand and learn I had some knowledge on from spending a lot of time with the jeet and being on certain boards but that was really exciting and to see the depth of that team was was uh oh just it felt really good to know who was behind a gene and then so we've I had that opportunity and then when it came time on the non- insurance um really focused on one Adam and as much in that he brings a wealth of experience from NetJets >> and he's remaining our CEO there because uh we still want him to have his fingerprints on it. Um, but he's got an exceptional team. But as he took on the 32 teams, as you've already highlighted, that was a logical outcome. Katie is our largest non- insurance uh business. So, it was logical to introduce her. She runs uh an amazing business. Uh 175 trains moving a day across 32,000 miles, 32,500 operationally. and uh and and serving many many different types of customers from agriculture to um moving the inter modal traffic we do. So she's got a breadth of responsibilities and I just wanted the our shareholders to meet them and hear what they do every day.

[00:20:08]>> I I know it's right ahead of earnings so you're in a quiet period. There's some things you can't say. Um but how has the war in the Middle East higher energy prices impacted the company? How do you deal with it? Yeah, I mean fortunately we do have a team and teams. It can be a variety of things that surface daily, quarterly in an annual basis. Uh always very proud of them. I mean it's heads down and we're going to work our way through this.

[00:20:36]>> So you're right with energy costs going up. For example, if you think of our chemical businesses, >> uh we have we have uh Lubresol, we have we just completed the Oxycam transaction on January 2nd. We closed that. Uh and then we have a third one called LSPI, and I like to think of them as our our chemical group. Their inputs went up immediately.

[00:21:00]Now, that takes time for us to catch up on pricing because we have customer contracts and they do reset and it's a it's a balance and on the back end they'll be a little slower to correct.

[00:21:11]So, it's a uh there's a way to adjust for price appropriately and and fairly for both the customer and us, but that takes time. So, I would say the biggest thing is we see im some immediate increase in the input costs across certain businesses.

[00:21:26]>> Okay. Um, back to Adam. You know, people wonder who your sounding board is.

[00:21:32]Warren had Charlie, Warren had you. Who do you get to talk to to kind of bounce ideas off of or be a studying force when you got questions yourself?

[00:21:41]>> Yeah. So, number one, very fortunate that Warren still comes into the office every day >> and he's a great sounding board. I mean, that that's really there's a lot of collaboration now.

[00:21:52]>> Yeah. And there's always been, but I'm going to call them or I'm in Omaha a few days a week and then I'm on the road like I've always been meeting with our other businesses or p looking at certain opportunities. But when I'm here, it's a discussion around uh what we're seeing him and I how do things feel? What do I see as opportunities? What's he seeing as an opportunity? And so one exceptional sounding board. Um there's no question I talked to Adam >> uh not just about his businesses but what are we seeing again where are potential opportunities and I've really tried to have that type of engagement for a number of years with our non-insurance operations but if you go to our uh top businesses they're very senior business leaders in themselves and I va I greatly value hearing what they're seeing what are they hearing from their suppliers what are they hearing from their customers Yeah, >> because it has a uh so so it's just gaining gathering that knowledge is sort of on a a continual basis from a a broader breath than say just a Charlie but that would be uh I'm fortunate to have that that broader group >> you wrote in the annual letter um which by the way was really comprehensive had a ton of information I think updating people about where things stand as the company what you would want to know if you're an owner in the company but you wrote in it that your job is primarily one of risk management to kind of see around corners.

[00:23:21]>> How do you do that? Because when I think risk management, I always think of Jamie Diamond or somebody who's really involved with financials, but you know, you're right. There's a lot of things you have to know in every one of these businesses. How do you stay on top of that?

[00:23:32]>> Yeah. So one fortunately having uh run the non- insurance operations um for eight years >> and know those leaders well >> we always start discussing what the challenges are what what's the risk today but more importantly what's the risk five years 10 years from now what what what's worrying them how is their customer changing >> uh and uh that's a constant dialogue so but but there's broader risks that you start to see surface and then when I was with the insurance team. That first meeting was all a discussion around risk.

[00:24:08]>> Yes, we have to get pricing right to the risk, but what are the risks and not the risk that year, what are we seeing the risk five and 10 years from now and if you go to insurance for example and it's a risk in a lot of our business businesses for example inflation.

[00:24:22]>> Yeah.

[00:24:23]>> So we're very aware of that. We're watching it across our businesses. We want to understand what what it does to our business is but business as a whole in Berkshire. Um and uh and then it goes from there.

[00:24:38]>> Inflation's been stubborn even before um the war with Iraq with Iran. Sorry, I said Iraq. Yeah. But inflation's been stubborn even before that. Now you have more inflation. How or when does that become a problem that you worry about?

[00:24:52]Well, I think I think we worry um listen at these levels and the 2% goal and we're at three and potentially creeping up a bit. Uh we'd prefer to clearly see it at the two as would the American consumer in every business. Um but the reality is there's going to be some.

[00:25:12]It's all manageable at this level, but we all know what's happened to countries when it gets uh at the extreme levels >> and postco we hit some pretty high levels. When we're at that 8 to 9% level, that's pretty alarming and it adjusted down. So, if it gets the levels and then it continues to compound, it gets very scary at those type of levels.

[00:25:33]>> Yeah. All right. Let's talk a little bit about um the portfolio and you addressed this in the letter as well. You said that of the $300 billion stock portfolio, right?

[00:25:44]>> Um, look, about 200 billion of it is is stuff that's pretty steady and pretty steady. Four big stocks. I think it was >> Apple, MX, Coca-Cola, and Moody's. And then you had the Japanese trading houses that were there.

[00:25:57]>> And part of the reason you said this is because you understand the business and you know the leaders very well. The leaders of two of those companies are stepping down. Tim Cook and James Quincy from Apple and Coca-Cola respectively.

[00:26:10]Have you met with the new CEOs? Uh have you spoken with them and do you feel good about where things stand with those two big investments? So those are uh um I we will be meeting with the leaders in fact in this coming week uh with both of them the incoming and unfortunately the change but that happens and but what we what we do believe in and I believe that's what we had we we know the quality of those leadersh >> we know the quality of the businesses the the boards are exceptional they're going to have thought this through very clearly and have the right leader and and time always tells But the reality is we're excited by the leaders coming in and very supportive of what the prior two leaders had done. It's it's remarkable what they've done with those two businesses.

[00:26:57]>> Yeah. It's kind of surprising because we've heard of so many CEOs who have stepped down that have been really young. James Quincy's only 60.

[00:27:04]>> I know >> he's younger than you are.

[00:27:05]>> I know he's younger. I know. I reminded him of that when he told me he was going to step down. I said, "You've got more years. Come on." But the reality is we all have our own timelines.

[00:27:15]>> Yeah. Tim Cook's less than two years older than you are, but it I and I know you addressed this in the letter, too, but how long do you see yourself doing this? What's what's your runway?

[00:27:24]>> Yeah, my runway is really long. I I love doing this and like Warren, we're passionate and as I said right from the get-go, I want our shareholders to know there's absolute commitment and passion and I have a great family and I prioritize my family and I prioritize Birkshire and I know how to find the bells.

[00:27:42]>> Yeah. And and with those two things, I'm really happy. Do I have time for f uh friends and the odd activity? Sure. Uh but it's when you know how to at least I believe that when you can find that right balance, it's perfect. And so I don't I I wouldn't when I said 20 years in the letter, >> yeah, >> that would not surprise me. But that's up to our board obviously and we and our shareholders and we have to be doing a great job. But I love Bergkshire and I I see myself in this role for a long time.

[00:28:10]>> That's great. One more point. In the letter, you talked about an issue that had happened with Pilot where you all bought into Pilot in 2017. You didn't get to really fully manage the place until 2023. You said that's not a mistake that we'll make again. What other mistakes have you learned from?

[00:28:27]Because you're new to the CEO role, but you've been doing this a long time.

[00:28:30]>> Yeah. Yeah. And on that one, I want to because it because it was a mistake we made for sure. not not that pilot um made any mistakes or it was their problem. We just recognized that um we needed short-term and long-term objectives aligned if we're going to enter into a transaction where there's a period of time.

[00:28:51]>> Okay, >> it was really that simple. And I didn't see that alignment. I think we talked earlier, we're working hard to improve the customer service side on pilot. We just always want those objectives aligned when we're entering into a transaction.

[00:29:03]>> Meaning making sure that you're continuing to invest in the business and it makes sense.

[00:29:07]>> Correct. In the right way. So then um the things I uh over the years I mean I was fortunate all the way back to uh 1996 I went to the UK as a CEO of our utility business there. Larger than the utility I in across across the river in Iowa. We had 1.3 million customers. we drew it to two. But th that was a big learning moment um for myself. But probably the first thing there for example was recognizing uh when we needed to make changes we should make the changes and uh there we recognized that environment within the business was changing very quickly. It was going from being a heavily regulated business to an unregulated business. So we needed skill sets that we probably didn't bring into the business quick enough. So forever I watch how the businesses are evolving.

[00:30:00]Yes, we've got great teams, but how do we supplement it and make sure they're successful? That was a a great lesson very early in my career.

[00:30:07]>> That's great. Um Greg, we're excited to see what happens this weekend. I want to thank you for your time ahead of this.

[00:30:14]>> Well, thank you for being here. I look forward to the the questions on Saturday. It's always a a a great opportunity all that gets submitted into you and then obviously receiving them from our our shareholders and owners.

[00:30:27]So, thank you and we look forward to a great Saturday.

[00:30:30]>> Thank you, Greg.

[00:30:30]>> Thank you.

[00:30:37]>> That's Squawk Pod for today. Thank you for listening. Some good news for you.

[00:30:41]There is much more to come from Omaha this weekend. While Becky is at the Berkshire Hathway annual meeting while Greg Ael is on the stage, we here on SquawkPod will be packaging it all up for you, our listeners. So, make sure you click that follow button. If you do, you will get a notification when our Birkshire episode is out. And you don't want to miss this one. The first meeting ever where Warren Buffett is not the central figure on that stage. Of course, every weekday morning on CNBC, Becky Quick, Joe Kernan, and Andrew Rossorin host Squawkbox for three full live hours. You can tune in on Monday. And in the meantime, come back here over the weekend. Happy Friday.

[00:31:22]>> We are clear. Thanks, guys.