"The most important investment you can make is in yourself." Like much of the Q&A during yesterday's Berkshire Hathaway annual meeting of shareholders at Omaha's Qwest Center, Warren Buffett and Charlie Munger offered plenty of common sense wisdom and investing advice, including tips on a variety of topics:

• Self-Improvement: Invest in your mind and body. Your best asset is yourself.
• Investing: For smaller portfolios, invest in a low cost index fund like Vanguard.
• Business Ownership: If you have a great business, then don't sell. Your business is worth more every year. If you are looking to monetize your investment, sell to someone who will be a good steward of what you have created.
• Reading Suggestions for Kids: Start with your local newspaper. The more you learn, the more you will want to learn.
• Recommended Book About Investing: The Intelligent Investor, by Benjamin Graham, especially chapters 8 and 20.
• Fish of the Day Investment Ideas: Avoid them, as most are a way to sell more. For example, the 130/30 Long-Short Equity Fund.
• Business School: Most important concepts that should be learned are "how to value a business" and "how to assess market fluctuations."

For more wit and financial wisdom from Warren Buffett, visit the Moneysmartz Warren Buffett page.