Warren is obviously a very long-term thinker. The economy recovery, whether it's first-quarter, second-quarter, or second half of the year, doesn't influence his thoughts on valuations.

In some ways, IMS can be viewed as a royalty on the drug industry -- one of the fastest, most consistently growing of all industries.

The most effective way to prevent the exploitation of our long-term shareholders is to charge an appropriate fee to short-term traders.

I have had numerous interviews with reporters who called looking for quotes about tech bargains. I always explain that we believe the best values today are in growing companies outside of the technology sector....To these reporters, it defies common sense that stocks that have declined 80 percent or more are not yet 'values.' That is a testament to how powerful and unprecedented the technology mania was. Even after such large price declines, most of these stocks are still not cheap.

That type of monthly decline was unprecedented, ... We were not comfortable with management's explanation as to why it happened.

That type of monthly decline was unprecedented. We were not comfortable with management's explanation as to why it happened.