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Wayne : Are you saying Buffett is not very smart?

That wouldn't be very smart of me, now would it?

Looks like both psycho and I interpreted your post in the context of his purchases of companies and their stock

I think he does play a part in managements' plans to use 'pricing power' as effectively as possible. It seems to me that to do otherwise would be a failure of his fiduciary duty and we know how he feels about that.

From what little I know of him, he doesn't seem to be that hands-on in operational issues like pricing. But he obviously likes companies with pricing power - witness the quote which started this thread.
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