Buffett: It's Not Easy Picking Winners

During his interview with CNBC this morning, Warren Buffett said that it's not easy picking winners. “General Motors GM ruled the world when I was a young investor,” he said. “Sears SHLD ruled the world of merchandise.” Today, however, those two entities are no longer number-one. “Know there will be winners,” Buffett said. “In media there will be huge winners. Imagine being in the mind of Facebook five years ago. But I am not the guy who can do that.” “And thankfully,” he added, “I don't have to be the guy who does that.”