Mr. Buffett shared some of his other investment mantras:
Why stocks matter?
To fight inflation.
"Inflation is a very cruel tax," said Mr. Buffett, because it lowers the worth of your paper money.
He said one of the best ways to keep the value of your money growing is to invest in good businesses and companies which keep growing. That helps investors "maintain purchasing power no matter what happens to the currency," said Mr. Buffett.
He advised against buying long-term bonds of any government, because both inflation and printing of new currency lowers the value of these investments.
The only better way to beat inflation, he said, is when individuals improve their earning power through further education and skills. "Maximize your talent," said Mr. Buffett.