The legendary billionaire investor tells CNBC he just bought more shares of IBM. Also on his buy list: car dealerships. Fred Katayama reports.
Legendary billionaire investor Warren Buffett unveiling more of his stock picks. As his festive shareholders meeting wrapped up, Buffett told CNBC that he bought more shares of IBM in the first quarter, saying that its buyback program has been very beneficial for shareholders. Big Blue recently reported its 12th straight quarterly drop in revenue as it tries to turn itself around. Buffett's company, Berkshire Hathaway, itself just reported a 10 percent profit increase and $64 billion in cash. On his buy list: more car dealerships. Last fall, his Berkshire Hathaway bought Van Tuyl Group, the fifth largest U.S. auto retailer. And he's still on the hunt in Germany, predicting he'll buy at least one German company in the next five years. In February he purchased a retailer there for nearly half a billion dollars. He likes German companies for their global reach and regulatory and legal protections. He also said he's looking to spend big money on energy. Buffett seemed energetic himself as he challenged his buddy, Bill Gates, in one of his traditional events, the newspaper tossing contest. Celebrating his 50th anniversary running Berkshire, he offered no news on who would eventually succeed him.