This is the afternoon session of the Warren Buffett/Charlie Munger question-and-answer session with shareholders at the Berkshire Hathaway Annual Meeting at the Qwest Arena in Omaha, Nebraska on Saturday, May 3, 2008 as live-blogged on CNBC.com's Warren Buffett Watch. All times are Central.
1:12 pm: Warren Buffett and Charlie Munger are back on stage taking more questions from shareholders. There are a few more empty seats than in the morning session, but the arena is still mostly full.
1:14 pm: Buffett says he's made a lot of mistakes over the years, but none of them could have been prevented by "conventional due diligence."
1:15 pm: Buffett says that when Berkshire says financing is going to be available, it's available no matter what, "even if Ben Bernanke runs away to South America with Paris Hilton." Big laugh line.
1:16 pm: In response to a question on his religious beliefs, Buffett says he's an agnostic. He just doesn't know if there is a God and he doesn't know if he'll ever find out.
1:20 pm: Asked about Kraft, Buffett says that he thinks most of the big food companies have good assets. He uses Coca-Cola as a good example. Hard to take it on because of the power of its brand built over decades. "We feel good about branded products when they're runaway leaders in their field."
1:30 pm: Buffett says we run Berkshire in a way that is not dependant on anybody else. We want the company to keep working even if the rest of the world stops working the way it did the day before.