I was fortunate enough to be able to travel to Nebraska again this year to attend the "Woodstock for Capitalists," otherwise known as the Berkshire Hathaway (BRK-A) annual shareholders meeting. It was an enjoyable time, and a great way to remain grounded in the sound principles of investing in stocks.

Warren Buffett's and Charlie Munger's takes on current events seemed to garner a lot of the attention from the crowd and press, including Morningstar. Yet, after sitting and listening to the famous pair talk for six hours, I was struck by how much of what they were saying really hadn't changed a whole lot from year to year. And in my opinion, these unchanged insights are what held some of the greatest wisdom. Following is some of the timeless advice Buffett and Munger shared with investors in attendance.

Think Like a Business Owner
Don't view stocks as merely things that you trade among other investors. Keep in mind what a stock really is: an ownership stake in a business. You should aim to buy fantastic businesses, and hold them for a long period of time, as they grow and generate cash.

Let the Market Serve You, Not Instruct You
In other words, don't let the tail wag the dog. I take this to mean that we should focus on and anchor to the intrinsic value, or future cash-flow-generating ability, of the businesses we own, not the daily pricing being shouted by the market and the press. In other words, don't fall prey to the behavioral pitfall known as availability bias, which is paying great attention to readily available, easy-to-digest, but unimportant information (daily stock prices), while ignoring more-rare, harder-to-understand, yet much more

CLEVELAND (AP) -- Jams and jellies maker J.M. Smucker is adding coffee to its menu of brands by buying Folgers from consumer products company Procter & Gamble in a $2.95 billion, all-stock deal, Smucker's biggest ever.

The deal announced Wednesday will nearly double Smucker's size. Folgers will become the 10th No. 1-ranked brand in the Smucker stable that includes its namesake jams, Eagle Brand condensed milk, Hungry Jack pancake mix and two earlier acquisitions from P&G, Jif peanut butter and Crisco cooking oil.

The company said it expects annual sales increases of 6 percent over the long term with acquisitions continuing to play an important role.

Smucker will assume about $350 million of Folgers' debt and sweetened the offer for its current shareholders with a special pre-acquisition $5 dividend.

Tim Smucker, chairman and co-chief executive, said the special dividend would address any diluted value for Smucker shareholders in the deal and recognize their loyalty. "So both of those are key factors," he said in a conference call.

With the Folgers deal, P&G shareholders will wind up owning 53.5 percent of Smucker and current Smucker shareholders will own the rest.

Tim Smucker said the merger of Folgers with Smucker's breakfast and dessert brands opens many opportunities for brand marketing strategies. That could include, for example, adding a Jif discount

WASHINGTON (AP) -- Federal Reserve Chairman Ben Bernanke said Wednesday he does not believe the United States will experience the out-of-control prices seen with 1970s oil shocks.

His assessment came in a speech delivered Wednesday to graduating students at Harvard University, where he earned a bachelor's degree in economics in 1975.

Back then, the economy suffered from a dangerous combination of stubborn inflation and stagnant growth. There are fears today that the U.S. may be heading in that direction again.

"We see little indication today of the beginnings of a 1970s-style wage-price spiral, in which wages and prices chased each other ever upward," Bernanke said at Harvard.

Then, as now, the U.S. endured a serious oil price shock, sharply rising prices for food and other commodities and subpar economic growth, he said.

Today's economy, however, is more flexible in responding to difficulties and the country is more energy efficient than a generation ago, Bernanke said.

"Since 1975, the energy required to produce a given amount of output in the United States has fallen by half," he said.

Over the years, Fed policymakers also have learned more about inflation and how to fight it, he said.

Legend has it that Albert Einstein once called compounding interest the most powerful force in the universe. Unfortunately, that concept has escaped many of those who would benefit most from it: the 20-somethings who have entered the work force but aren't saving up for retirement.

While it can be hard to justify saving for something that will occur decades into the future, financial advisors say its importance can't be understated.

One reason is that Social Security is far from guaranteed: Without reform, the program will not be able to pay out benefits at current levels, starting in 2041. People who are 22 years old now would typically still have at least 10 years to go until retirement at that point.

Another reason is that compounding interest makes saving early far more profitable than starting late.

As an example, Vincent Barbera, director of financial planning at TGS Financial Advisors, offers two different scenarios: Person X deposits $2,000 into an IRA each year from the ages of 22 to 31, then stops, while Person Y deposits $2,000 each year from the ages of 31 to 65. Both have the same interest rate and allow interest to accrue. Person X will earn nearly $50,000 more than Person Y by age 65, even though the latter contributed $50,000 more to the account over 25 additional years.

With that in mind, here are five helpful tips for 20-somethings who want to start preparing for the future: