Warren Buffett on Berkshire 50th Anniversary - NetJets, Clayton Homes, Greece, Janet Yellen

Quick asks if pointed shareholder questions about Clayton Homes, NetJets, and 3G Capital make Buffett pause. He says shareholders weren't particularly concerned - no one asked about these issues in the meeting. On NetJets: Over 100 pilots marching outside over compensation and benefits. Buffett says they're doing well, pay is higher than most competitors, terrific working conditions, lots of people want to join, very few want to leave. On Clayton Homes predatory lending allegations: Buffett says in 3 years he's received not a single letter of complaint from Clayton borrowers, and all letters get to him.

Buffett comments on Dodd-Frank regulation. He admires a lot about Dodd-Frank including consumer protection, but says in terms of total panic it's vital that somebody can say to the country 'we are going to do whatever it takes' and the country believes that person. He says Hank Paulson and Ben Bernanke (Fed and Treasury) could say that during the financial crisis. He thinks their ability to do that has been diminished somewhat by Dodd-Frank, and he would leave a lot of muscle with the Fed Chairman during a crisis to say to the American public 'it's going to stop here' with all tools to do it.

Asked about Janet Yellen's performance as Fed Chair, Buffett says she's doing fine but it's a very tough job - doesn't envy it. Involves balancing all these variables. No question she's very smart like Ben Bernanke, has interest of country at heart like Bernanke, will do good job like Bernanke. On Greece potentially defaulting days away from deadline: Doesn't know what short-term impact would be, might find out. But it doesn't make any difference in how he runs Berkshire. If it hurts markets and scares investors, that helps Berkshire - they'll buy things cheaper. Whether market goes up or down next week, month, or year is of no consequence except on balance they prefer to buy things cheaper.

Quick notes Buffett was up on stage for the 50th anniversary running on Coca-Cola, peanut brittle and fudge. Buffett says it feels great, he always enjoys the shareholder meeting. They had 40,000+ people from 53 countries. It's fun to see them come from all over the world. He says 'it's what American capitalism should be' - describing the open, accessible shareholder meeting format where thousands of individual investors can meet with management and ask questions directly.