Warren Buffett talks with KETV

Warren Buffett and his business partner Charlie Munger took questions from shareholders for more than four hours Saturday. Then, the Oracle of Omaha talked with KETV NewsWatch 7.

Video: Warren Buffett talks with KETV

The annual Q&A session at the CenturyLink Center is the pinnacle of the whole weekend, with shareholders glued to what Warren and Charlie have to say. Some local topics came up, such as wind energy in Iowa and Nebraska.

“I would hope that over time that both wind, solar will replace a lot of coal and gas for that matter. And it will incidentally. But unfortunately the wind doesn’t blow 24 hours a day, and the sun doesn’t shine 24 hours a day,” Buffett told KETV NewsWatch 7’s David Earl.

Earl: “Is it more about a tax credit for you or is it really about green energy?”

Buffett: “Well, it wouldn’t make economic sense without the tax credit, and that’s why there is a tax credit. The government wants to encourage wind energy and nobody would be doing anything, and it takes a subsidy at the present time. Not an overwhelming subsidy, but it takes that subsidy and no one would be developing it without that subsidy, which is why the government does it.”

Earl: “Is it good for those farmers in Iowa with the land?”

6:00 P.M. JEREMY: THE CENTURYLINK CENTER IS FILLED TO CAPACITY. ALL FOR WHAT COULD BE A RECORD-BREAKING CROWD. AT WARREN BUFFETT’ S GOLDEN ANNIVERSARY IN LEADING BERKSHIRE HATHAWAY. WARREN BUFFETT AND HIS PARTNER CHARLIE MUNGER TOOK CREDIT — TOOK QUESTIONS FOR FOUR HOURS. DAVE: THAT ANNUAL Q AND A SESSION IS THE PINNACLE OF THIS WEEKEND HERE AT THE CENTURYLINK CENTER. SHAREHOLDERS ARE GLUED TO WHAT WAR IN — WHAT WAR IN — WHAT WARREN AND CHARLIE HAD TO SAY. I WOULD HOPE THAT OVER TIME WIND AND SOLAR AND COAL AND GAS, THE WIND DOES NOT LOW 24 HOURS A DAY. DAVE: IS IT MORE ABOUT A TAX CREDIT TO YOU OR IS IT MORE ABOUT GREEN ENERGY? IT SENSE WITHOUT THE TAX CREDIT. THE GOVERNMENT WANTS TO ENCOURAGE WIND ENERGY. IT TAKES A SUBSIDY AT THE PRESENT TIME. IT IS NOT — NOT AN OVERWHELMING SUBSIDY THAT IT TAKES A SUBSIDY. DAVE: IS IT GOOD FOR THE FARMERS IN IOWA? THE ONES THAT LEASE TO US THINK SO. DAVE: WE HEARD ABOUT AN HUGE THAT WE HEARD ABOUT A HUGE EVENTS THAT — WE HEARD ABOUT A HUGE INVESTMENT THAT MID-AMERICAN MADE. DAVE: THAT AUTHORIZATION AND I WHAT, IS WORTH $900 MILLION. MUCH MORE FOR MY ONE-ON-ONE INTERVIEW WITH WAR AND — WITH WARREN BUFFETT INCLUDING WHAT HE

Buffett: “Well, the ones that lease to us seem to think so. They get paid very well for it, but some want to do it and some don’t want to do it.”

Earl: “We heard about a huge investment that MidAmerican Energy is making soon. Can you tell us where those wind farms are going to be?”

Buffett: “I don’t know yet. I’m not sure if they’ve been sited yet or not, but they’ve been authorized.”

Earl: “What is the state of the economy here in Omaha?

Buffett: “It is strong. Look at Nebraska’s unemployment rate. This is a very strong economy in Omaha, and I think it will continue that way.”

Buffett points to new construction and investments happening all over the city and many millionaires he’s made in Omaha finding a way to give back to the city they call home.

“The sums have been pretty big in some cases, and a lot of that has been focused on Omaha, and I think that’s terrific,” Buffett said.

This year, he said again the meeting won’t move away from Omaha. And shareholders love making the pilgrimage to hear him share words of wisdom. He is, after all, the Oracle of Omaha.

“I’m not sure where came from, but it has an alliteration to it. But I’m not sure what else,” Buffett said.

During the meeting, Buffett spoke about the impact of new safety standards — for shipping crude oil by train. He said it will make a difference for Berkshire’s BNSF railroad and tanker car business.

See more of the one-on-one interview with Buffett on Sunday at 10.

Warren Buffett talks with KETV