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HIGHLIGHTS-Buffett, 'Oracle of Omaha,' comments on earnings, investing

(Adds quotes on Berkshire results)

NEW YORK, May 5 (Reuters) - Billionaire investor Warren Buffett and Berkshire Hathaway Inc Vice Chairman Charlie Munger are answering five hours of questions from shareholders, journalists and analysts at Berkshires annual meeting in Omaha, Nebraska.

The weekend known as Woodstock for Capitalists is unique in corporate America, a celebration of Buffett's success at a conglomerate whose businesses range from Geico insurance to the BNSF railroad to Sees candies to Ginsu knives.

Below are the comments from Buffett, the Oracle of Omaha, on a wide range of topics, which will be updated throughout the day:

ON INVESTING LONG-TERM

"The overriding question is how is American business going to do over your lifetime?"

ON BERKSHIRE EARNINGS

"A new accounting rule was introduced at the beginning of this year and it provides that our equity securities - whether we sold them or not - are marked to market every day so we can have a gain or loss of a couple of billions of dollars in our equity securities portfolios ... that (produces) some very unusual effects from quarter to quarter ... (the net earnings figure) really is not representative of whats going on in the business at all."

ON CHARLIE MUNGER

"Charlie does most things better than I do."

(Reporting By Nick Zieminski in New York)