"Money plays too big a role in American politics."

"Money plays too big a role in American politics. I can meet with any senator, and you can't. I don't have to give them money - it's enough that they think I might," says Buffet.

In a pair of worn-out trousers without a belt and a simple navy blue jacket, the investor demigod speaks to 120 students from Texas and New York. He does it a couple of times a year, inviting students to Omaha, from where he sits above his gigantic investment empire, Berkshire Hathaway.

"It's amazing how cheap political influence is. It is the world's most under priced commodity. You can be a hot shot for 250,000 dollars. This is not how a democracy should work," he says.

Buffet talks fast, waving his arms, eager, humorous and short of breath. You seem to be able to hear his brain working - like a huge, churning hard disk ever seeking new impressions to process.

"America's budget deficit is no big problem. Debt is best measured in percent of the GDP, and we are not at a high level historically, or compared to other countries. The more you earn, the more you can borrow. The major problem is the trade deficit. That is a factor that can have real influence on the American economy.

His philosophy is as old as it is simple: stick to what you know. As a consequence, he has stayed away from technology-companies, despite his near friendship with Microsoft-founder Bill Gates - the only person ahead of him on the "richest Americans" list.

"The trade deficit is not sustainable for America," he continues. "We can not continue to consume more than we produce, and we have to be competitive towards, for example, China. But I have no belief in protectionism as a means. The more trade, the better. The only reason why we trade is that we believe we'll get something good, and we do. The Chinese are a people unleashed, and they are getting enormous feedback. That is good, but we must stay competitive."

"The world is unfair, and I have been very lucky. I was born white - and male - in the world's richest country, to parents that took care of me, and inspired me. I could, for example, have been born a woman - in Bangladesh - with few possibilities of development. It's a big lottery.

He is, in fact, famous for the concept of "The Ovarian Lottery" - a variant of the well-known American philosopher John Rawls' (1921-2002) theory of justice.

"Imagine that you were asked - 24 hours before your own birth - what kind of a world you would create. You know nothing about who you are, where you're heading or what kind of talents you've got. Most people would want two things: a system that works for production of goods and services, and fair distribution of them. In this lottery it is necessary to take care of the people with the lousy tickets," Buffet says.

How can this philosophy be compatible with having the second biggest fortune in the USA and owning stock in Wal-Mart Stores Inc. - known for paying the absolute minimum wage and undermining employee health-care?

"Wal-Mart is very good for America, and the jobs are the best these people can get. Many of the employees are happy to have a job, some of them are not. That's the way it will always be."

He is an outspoken supporter of a progressive consumer tax that would hit the country's richest hardest, but he doubts it will ever happen. He is also a registered democrat, and disagrees with most of the politics of President George W. Bush.

"But we both love baseball," he chuckles, as if to say that is enough to bridge their differences.

The session between 120 students and "The Omaha oracle" is about to end. Lunch is waiting in Buffet's regular restaurant where he will soon enjoy his favorite: roast beef and mashed potatoes with rich, brown gravy ("Stop me when I reach 3000 calories"). But there is time for a last question:

"Why isn't the whole world developed," a student asks from the first row. She is a woman - from Bangladesh.

"Well, that makes me admire you even more," Buffet says. "Because you must have been fighting. And to your question: We have only recently started to free the full human potential. With the liberation of race and gender we take a huge step towards more talent and greater power - and the world develops".