Warren Buffett Post-2012 Shareholder Meeting Interview - Health, Economy, Succession

At 81, spent 5 hours at meeting eating pounds of peanut brittle and Coke despite prostate cancer diagnosis. Says behavior got him to 81, little cancer probably doesn't need treatment. Zero behavior change, feeling well, not fatigued.

Corporate tax cuts won't jump-start economy - plenty liquidity. Answer: more household formations. More households = quicker eat excess housing inventory. Household formations cause houses/apartments occupied. That's holding back economy.

Not excited about VAT - not progressive. Believes progressive taxation. Wants differences in results, equality of opportunity. Those with opportunities pay more than those with short straws. Minimum wage problem: too high drives people from employment. May need assisted wage - employer + government.

Successor has Berkshire culture embedded, it's a man. Doesn't mean man in 10 years, hopes to be around to make irrelevant. Board could change mind, new acquisitions bring talent, evaluation could change. If name now and change mind, person leaves. Present system prevents that.

Natural gas so cheap it's ridiculous - ~$2.30 spot, was $1.95. But 3 years out $4, 1 year $3.40. Converting decisions can't use spot - must use futures. Can't extrapolate $2. Still cheap at futures but not dramatically cheap like spot.

Thinks stupid to put paid paper free on web. Omaha/Buffalo making modifications. Gannett dozens making changes happening now. Last 6-8 years gave away what sold. That changed and changing big time. Wouldn't be surprised buy more newspapers.