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Warren Buffett's New Words of Wisdom

On the heels of Berkshire Hathaway's worst year in history, the 78-year-old Sage of Omaha is struggling to convince shareholders he's still got his mojo. Hedge-fund manager—and battered Berkshire shareholder—Whitney Tilson reports from Omaha on the highlights of this year's Buffettpalooza, aka the company's annual meeting.

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Nati Harnik / AP Photo
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In 2000, near the peak of the Internet bubble, the standard critique of Berkshire Hathaway Chairman Warren Buffett and Vice Chairman Charlie Munger was that they failed to foresee and appreciate the rise of the “new economy” and were irrationally clinging to their boring “old economy” companies that were surely...

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