http://www.chron.com/disp/story.mpl/business/7323841.html

During the Q&A, Cinquegrana asked Buffett about his recent selection of a relatively unknown successor candidate, 39-year-old Todd Combs.

Not just money

Buffett said he wanted someone interested in more than just making money.

"That's why he goes for small businesses that started with nothing and grew. That's what appeals to him," Cinquegrana said. "He wants the owner of the business to stay there, not go in there and replace everyone once it grows."

Another UH participant, MBA student Aimee Langlinais, said she was impressed with Buffett's admonishment to invest in people, not businesses.

"I think that entrepreneurs should always remember that focusing on the best interest of the people they affect every day, whether that be their employees, shareholders or the community, will drive profits," Langlinais said. "What they decide to do with those profits speaks to their character."

With a net worth estimated at $47 billion, Buffett repeated his recent mantra to students - that people with more than $1 billion in net worth should donate at least half of their money to charity.