04/22/2008 05:12 am ET Updated May 25, 2011

Buffett: I Am A "Political Bigamist"

Some 15 times a year, Warren Buffett invites a group of business students for an intensive day of learning. Fortune was there for a recent visit.

His advice to investors:

I always say you should get greedy when others are fearful and fearful when others are greedy. But that's too much to expect. Of course, you shouldn't get greedy when others get greedy and fearful when others get fearful. At a minimum, try to stay away from that.

His take on the economy, long term:

The American economy is going to do fine. But it won't do fine every year and every week and every month.

His view on the upcoming Presidential Election:

Way before they both filed, I told Hillary that I would support her if she ran, and I told Barack I would support him if he ran. So I am now a political bigamist. But I feel either would be great. And actually, I feel that if a Republican wins, John McCain would be the one I would prefer.

Click through Fortune's slideshow of the event from the beginning.