Warren Buffett says the best thing to do is "be very good at something

There are not many people can do to avoid Treasury inflation, but Berkshire Hathaway CEO and legendary investor Warren Buffett say people can take specific steps to protect themselves from its effects.

At Berkshire Hathaway's 2022 annual meeting, Buffett repeated his old advice that one of the most robust defenses against inflation is to sharpen your skills and work to become the best in your field.

"The best possible you can do is be good at something," the 91-year-old said on Saturday. Citing professions such as doctors and lawyers as examples, Buffett says that "[people] give you something they make in return for what you give." Buffett adds that, unlike currencies, skills are resistant to inflation.

"Whatever ability you have cannot be taken from you. "They really can't be flown from you," he said. "The best investment by far is anything you develop yourself that isn't taxed." This is similar to Buffett's advice at the end of the Great Recession in 2009, when the 78-year-old said, "The best thing you can do is invest in yourself."

Buffett also said that the next best thing to do was invest in "amazing businesses" that make products that are in demand regardless of how the dollar moves. Citing companies like Cola-Cola as an example, he says people will still want their favorite soda decades from now without inflation being a factor in their decisions.

"It doesn't matter what happens at the price level," Buffett says because people are still paying for the products they love.