Value investor and fund manager Mario Gabelli tells CNBC's Becky Quick he often gets good ideas from some of the thousands of like-minded investors who attend the Berkshire Hathaway annual meeting each year.
Here's the video clip of their conversation, which also touched on Warren Buffett's controversial derivatives positions, and why Gabelli thinks attendance in Omaha remains high despite tough economic times.
Neither Buffett nor Vice Chairman Charlie Munger would specify any industries or geographic regions where Berkshire might be particularly inclined to do a deal. Both said the company isn't currently planning to issue new shares or bonds to pay for a big acquisition.
The comments come as Berkshire wrapped up its annual shareholder meeting today, which Buffett and Munger spent explaining the company's performance last year and how they see its prospects for coming years. Both said they expect the troubles that laid the markets low last year to pay off for Berkshire shareholders in the future.