Warren Buffett: 6 Nuggets On Markets, Berkshire and Epstein

Here are six nuggets from Buffett's CNBC interview.

1. Berkshire is ready to buy ...

What will Berkshire do with its big cash pile?

The company probably has over $350 billion in cash and Treasury bills now, including $17 billion in T-bills purchased this week, Buffett said.

"If there is a big decline we will deploy it but we will deploy it because stocks are attractive, businesses are attractive to us, and we are not planning to sell them next week or next month, so we want to be right on them," he said.

2. ... but only at the right price.

The recent market downturn doesn't mean stocks are cheap, Buffett said, noting the market has dropped over 50% three times since he took over Berkshire.

"This is nothing," he said, noting stocks are only about 5% or 6% cheaper. "We aren't in it to make 5 or 6%."

The "Oracle of Omaha" said he doesn't know what the stock market will do and doesn't think anyone else does either, but he does know what a business is worth.

3. Buffett says he sold Apple too soon.

Apple is Berkshire's largest single investment, but Buffett said he sold shares too early.

"I sold it too soon but I bought it even sooner so it worked out," he said.

"I don't have any ability to predict what stocks will do next week or next month. … I'll buy a whole lot of them if they're cheap and I think I really understand the business."

As Motley Fool reported last month, Berkshire off-loaded about 75% of its Apple position in the nine quarters leading to Buffett's departure as CEO, although the consumer electronics giant continues to be the top holding.

Apple CEO Tim Cook "is a fantastic manager and he's a good guy," Buffett said. "And somehow he gets along with everybody in the world."

4. He hasn't talked to Gates lately.

Buffett has had a long association with fellow billionaire Bill Gates, the Microsoft co-founder whose name recently emerged in files associated with the late convicted sex offender Jeffrey Epstein.

Gates reportedly has called it a "huge mistake" to have spent time with Epstein and has denied doing or seeing anything illicit, including spending time with Epstein's victims.

Buffett is now waiting to see how and whether he'll continue his annual contributions to Gates' philanthropic foundation, which he has made since 2006.

"I haven't talked to him at all since the whole thing was unveiled," Buffett said. "I don't want to be in a position where I know things. I could get called as a witness."

As for his contribution to the Gates Foundation, he said, "I'll wait and see what unfolds."

Buffett said Epstein found people's weaknesses and was able to prey on them, "but that doesn't excuse the people on the other end."

The BBC noted that no Epstein victim has accused Gates of wrongdoing and he hasn't been accused of criminal activity.

5. New CEO Greg Abel 'is so good.'

Buffett praised his CEO successor, Greg Abel, suggesting he's more energetic than Buffett was in his prime.

"Greg is so good, it's kind of embarrassing how good he is," Buffett said. The former CEO acknowledged he can't name the managers and spouses for all 200 Berkshire businesses. And he said he could've made the succession move earlier.

"Greg covers more ground in a day than I would in a week even when I was at my peak, let alone my present condition," Buffett said, adding that "I can still contribute just a tiny bit."

Buffett is involved in making decisions about Berkshire investments, "but I won't make any that Greg thinks are wrong."

Abel has been receiving calls from investment bankers, Buffett said.

6. Buffett doesn't track AI trends.

The former CEO says he doesn't follow developments with artificial intelligence.

"I'm so late to the game. I am not learning new things well," he said. "I still don't know what to do with the phone, I just recognize the fact that you're going to have one and your kids are going to want one and … it's incredibly useful."

Credit: Chris Nicholls/Touchpoint Markets