Watch Warren Buffett speak at The Gatehouse's Hands Up for Success luncheon

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Warren Buffett, the chairman and CEO of Berkshire Hathaway, is speaking with CNBC’s Becky Quick at The Gatehouse’s Hands Up for Success luncheon in Grapevine, Texas.

Buffett said in his annual letter to shareholders that he wants to make an “elephant-sized” purchase, but noted that prices were were too high.

“In the years ahead, we hope to move much of our excess liquidity into businesses that Berkshire will permanently own. The immediate prospects for that, however, are not good: Prices are sky-high for businesses possessing decent long-term prospects,” Buffett said in the letter, which was released Feb. 23.

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