Buffett and Munger share wit, wisdom with shareholders

Here is a sample of their wit and wisdom on a variety of topics:

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THE OLYMPICS

Neither Buffett nor Munger thought it would be a good idea to use this summer's Olympic games to penalize China.

"I think it's very hard to rate a couple hundred countries that are participating on their behavior," Buffett said.

Berkshire owns a sizable stake in the Coca-Cola Co., which is a major sponsor of the Olympics.

"I think the more people that participate in them, the better," Buffett said.

Munger said he thinks the most important question is whether China has been improving in recent years. "The answer is, China is moving in the right direction," Munger said.

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