OMAHA, Neb. (AP) — Billionaire Warren Buffett dispensed plenty of advice on investing and life during this weekend's Berkshire Hathaway shareholders meeting.
The wisdom Buffett and his investing partner Charlie Munger offer is part of what attracts more than 30,000 to the meetings each year.
Here's a sample of their insights:
Buffett and Munger told shareholders that successful investors must learn all they can about the businesses they are buying and stick to industries they know, but the right temperament is also important.
"You just have to avoid getting excited when other people are excited," Buffett said.
Admittedly, it's hard to continue to make rational decisions about investments when the stock market is soaring, but it has proven profitable for Berkshire Hathaway.
"We've always tried to stay sane when other people like to go crazy," Munger said. "That's a competitive advantage."
DISADVANTAGES OF SIZE:
Berkshire Hathaway's size and its $49 billion cash pile allow Buffett to do bigger deals than ever, like the recent deal to buy half of the H.J. Heinz Co. in a $23.3 billion transaction.
Buffett reminded shareholders that size does have its disadvantages. He said it will continue to get harder to meet or exceed Berkshire's past returns.
But Munger said he's confident the conglomerate will still perform well over the long term.
"Of course our annual gains will slow down a bit, but it will still be very pleasant," Munger said.
Buffett said he's just as passionate about investing and running Berkshire Hathaway as he was when he was younger.
"You have to love something to do well at it," he said after a questioner suggested he'd lost some intensity at age 82.
Buffett said hunting for acquisitions and thinking about Berkshire is what he enjoys.