May 3, 2008 11:28AM

More Buffett and Munger Nuggets

By Liz Claman

Regarding ISCAR's new Asia plant and high commodities prices:

"The reason the plant was built in China is the country is growing...generally speaking, if you're creating a higher-valued product,... obviously the changing price of commodities...there will still be no substitute for the raw materials used in the products. Over time, our businesses will reflect the higher cost of commodities..you'll have little squeezes here and there."
--Buffett

"We don't like inflation. It's bad for the country and bad for business."
--Munger

"I think you can take warren's promises to the bank."
--Munger

One investor got up to say he was disrespected last year after he did not get Buffett's attention during a group protest against Pacific Corp for environmental issues caused by the building of a dam.

"We may have a difference of opinion, but I never meant to disrespect anyone."
--Buffett