Over 31,000 investors flocked to this year’s annual meeting for Warren Buffet’s Berkshire Hathaway – also referred to as “Woodstock for Capitalists.”

Warren Buffett is know for his sense of humor, candor and of course his keen investing sense. “If you don’t feel comfortable owning something for 10 years, then don’t own it for 10 minutes,” he’s said. “Someone’s sitting in the shade today because someone planted a tree a long time ago,” is another of his classic views.

Even though Berkshire Hathaway did well in 2007, boosting profits by 20 percent to $13.2 billion and revenue to $118.2 billion, Buffett has recently warned, “Anyone who expects us to come close to replicating the past should sell their stock. It’s not gonna happen”.

Still, Buffett, the world’s richest person and one who is thriving even in dire economic conditions, has used dozens of acquisitions to beat every major U.S. stock index and is poised to extend his lead with more than $40 billion to spend as the credit crunch sidetracks other bidders. With the U.S. on the brink of recession, Buffett is in a great position to deploy Berkshire’s cash to scoop up bargains.

Furthermore, Buffet believes that the slide in the dollar is not over, as he is “happy to” invest in companies that earn money in the euro, in Germany and in the U.K.

When a shareholder asked for the single-best specific investment idea Buffett could recommend to an individual in his 30s, Buffett said: “I would just have it all in a very low-cost index fund from a reputable firm, maybe Vanguard. Unless I bought during a strong bull market, I would feel confident that I would outperform … and I could just go back and get on with my work.”

For those who don’t have $123,000 for a single share of Berkshire Hathaway, here’s a list of ETFs with Berkshire as on of their top 10 holdings and the percent of assets held in BRK: o PowerShares FTSE RAFI Financial Sector, PRFF, 7.92% o WisdomTree Low P/E Fund, EZY, 3.00% o SPDRs Dow Jones Wilshire Large Cap Growth, ELG, 2.01% o WisdomTree Earnings 500 Fund, EPS, 1.63% o SPDRs Dow Jones Wilshire Large Cap, ELR, 1.52% o PowerShares FTSE RAFI US 1000, PRF, 1.47% o WisdomTree Total Earnings Fund, EXT, 1.38%

Reach Ron DeLegge at www.etfguide.com.