Founded in 1873 in Illinois, I’m based in Manhattan today. I’m the world’s largest bookseller, operating roughly 900 bookstores in 49 states under my own name and the B. Dalton name. I run a very busy online storefront, too, with some 750,000 titles in stock. I also own the majority of GameStop, America’s largest video-game and entertainment-software specialty retailer, featuring 1,231 stores. In the 1970s, I was the first to discount books and advertise on TV. In the 1980s, I bought the Scribner’s and Bookstop chains. In the 1990s, I pioneered super-bookstores and went public. Who am I? (Answer: Barnes & Noble)

Pearls from Omaha

Last month, more than 10,000 Berkshire Hathaway shareholders descended on Omaha to listen to chairman Warren Buffett and his partner, Charlie Munger, answer questions for five hours. Here are some snippets, paraphrased:

On investing: We want a business that we think, if run well, is going to have a competitive advantage. We don’t buy hula hoop or pet rock companies, or companies with explosions in demand where we don’t know who the winners will be.

On studying companies: Almost everything we learn is from public documents. … We do not find it particularly helpful to talk to managements. … The numbers tell us a lot more than the managements. We don’t give a hoot about anyone’s projections. … I don’t read any analyst reports. If I read one, it’s because the funny pages weren’t available.

On accounting shenanigans: I felt much more comfort working with financial statements in the 1960s than today. There was more information then, even though there was less disclosure. … (Overly aggressive accounting) is a quick fix, but it’s like heroin.

On the importance of expensing stock options: American companies have been paying people without recording it on the income statement. … (To those who) argue that the cost of options is included in footnotes, why not put all expenses in footnotes? Then you could just have two lines on the income statement: sales, and the same amount on the next line, profits.

On happiness and success (answering a child’s question): When you get to be my age, you will be successful if the people whom you hope to have love you, do love you. Charlie and I know people who have buildings named after them, receive great honors, etc., and nobody loves them — not even the people who give them honors. The only way to be loved is to be lovable. You always get back more than you give away. … There’s nobody I know who commands the love of others who doesn’t feel like a success.

To learn more from this legendary investor, read his letters to shareholders at www.berkshirehathaway.com or read Roger Lowenstein’s engaging book, “Buffett: The Making of an American Capitalist” (Doubleday, $18.95).

Bad advice

In the heady 1990s, my stocks got out of hand, splitting and merging so quickly that I couldn’t keep track. After some research, I decided mutual funds were the way to go. I hired a reputable and well-known investment firm that specialized in mutual funds, outlined my goals and turned over all my holdings. Imagine my surprise when they bought junk-bond funds and foreign investments, against my orders! I lost $13,000 in the first month. When I protested, my adviser said he knew what he was doing and to hold tight. After a year, I’d lost more than $50,000, so I fired them and took matters back into my hands. Today my portfolio is about half its original value. Lesson: Nobody cares as much about your investments as you do. — L.W., Detroit

The Fool Responds: This is why we encourage people to learn as much as they can about their financial options and to make their own decisions. For some people, hiring a professional adviser can make sense — just choose carefully. For most people, simply investing long-term money in a stock index fund can be good enough.

ExxonMobil gushing

First-quarter earnings for international energy giant ExxonMobil (NYSE: XOM) came in at $7 billion, more than 100 percent higher than year-ago levels, on revenue of $64 billion, up almost 50 percent. Profits from its “upstream” businesses (exploration and production) doubled to about $4 billion. Its “downstream” businesses (refining and marketing) earned $723 million versus a year-ago loss.

In the near term, quarterly and even annual results naturally ebb and flow according to oil and gas prices. Right now, management sees business booming enough to boost the dividend for the first time since 2001, by 8.7 percent, and to repurchase shares.

Regardless of the short-term rise and fall in energy prices, ExxonMobil’s long-term value depends on economic growth. Despite advances in energy efficiency, economic development should increase energy demand until the day solar or hydrogen fuel cells take over. Those two sources may someday be cost-competitive, but they won’t displace oil anytime soon. Besides, ExxonMobil is likely to invest some of its billions in alternative energy sources when they make sense.

ExxonMobil’s shares are not cheap, but its free cash flow is stable and growing. Increasing cash and declining debt on its balance sheet means its dividend is rock solid. With its track record of increasing reserves and efficiency, investors might consider making periodic investments in ExxonMobil stock, perhaps in a tax-advantaged IRA or via the company’s dividend reinvestment plan.