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The Idea That You Try To Time Purchases Based On What You Think Business Is Going To Do In The Next Year Or Two, I Think That's The Greatest Mistake That Investors Make Because It's Always Uncertain. People Say It's A Time Of Uncertainty. It Was Uncertain On September 10th, 2001, People Just Didn't Know It. It's Uncertain Every Single Day. So Take Uncertainty As Part Of Being Involved In Investment At All. But Uncertainty Can Be Your Friend. I Mean, When People Are Scared, They Pay Less For Things. We Try To Price. We Don't Try To Time At All.

-Warren Buffett

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The Idea That You

Warren Buffett

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The Idea That You Try To Time Purchases Based On What You Think Business Is Going To Do In The Next Year Or Two, I Think That's The Greatest Mistake That Investors Make Because It's Always Uncertain. People Say It's A Time Of Uncertainty. It Was Uncertain On September 10th, 2001, People Just Didn't Know It. It's Uncertain Every Single Day. So Take Uncertainty As Part Of Being Involved In Investment At All. But Uncertainty Can Be Your Friend. I Mean, When People Are Scared, They Pay Less For Things. We Try To Price. We Don't Try To Time At All.

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Like I Say, I Don't Think It'll Be Done Perfectly. Maybe We'll End Up With A Little Bit Better [economy] System.

I'm Happy When I Can Spend Every Day Doing The Things That I Like To Do. That's My Luxury.

The Business Schools Reward Difficult Complex Behavior More Than Simple Behavior, But Simple Behavior Is More Effective.

We've Actually Been Pretty Good On Exports. I Mean We Are Exporting 12% Of Our Gdp Now Roughly.

You're Dealing With A Lot Of Silly People In The Marketplace; It's Like A Great Big Casino And Everyone Else Is Boozing. If You Can Stick With Pepsi, You Should Be Ok.

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If You Want A Government That's Going To Do The Things We Ask Our Government To Do, You've Got To Get It From Somebody.

We've Long Felt That The Only Value Of Stock Forecasters Is To Make Fortune Tellers Look Good. Even Now, Charlie And I Continue To Believe That Short-term Market Forecasts Are Poison And Should Be Kept Locked Up In A Safe Place, Away From Children And Also From Grown-ups Who Behave In The Market Like Children.

I Have No Use Whatsoever For Projections Or Forecasts. They Create An Illusion Of Apparent Precision. The More Meticulous They Are, The More Concerned You Should Be. We Never Look At Projections, But We Care Very Much About, And Look Very Deeply At, Track Records. If A Company Has A Lousy Track Record, But A Very Bright Future, We Will Miss The Opportunity.

It's Good To Learn From Your Mistakes. It's Better To Learn From Other People's Mistakes.

Learn From Your Mistakes

... It's Important To Have The Right Monetary Policy. It's Important For, To Have The Right Fiscal Policy. But It's Nowhere Near As Important As Just The Normal Regenerative Capacity Of American Capitalism.

I've Never Been Very Fully Employed Either.

Would You Rather Be The World's Greatest Lover, But Have Everyone Think You're The World's Worst Lover? Or Would You Rather Be The World's Worst Lover But Have Everyone Think You're The World's Greatest Lover? Now, That's An Interesting Question.

I Do Know That When I Am 60, I Should Be Attempting To Achieve Different Personal Goals Than Those Which Had Priority At Age 20.

The Wise Man Once Said Invest Young

I Don't Like What's Going On With The Executive Compensation.

Executive Compensation

The Rich Invest In Time, The Poor Invest In Money.

Words Of Wisdom

Is Management Candid With The Shareholders?

I Was Lucky Enough To Be Born In A Time And Place Where Society Values My Talent, And Gave Me A Good Education To Develop That Talent, And Set Up The Laws And The Finanical System To Let Me Do What I Love Doing-and Make A Lot Of Money Doing It. The Least I Can Do Is Help Pay For All That.

If I Taught A Class, On My Final Exam I Would Take An Internet Company And Ask, 'how Much Is This Company Worth?' Anyone Who Would Answer, I Would Flunk.

Do What You Love And Work For Whom You Admire The Most, And You've Given Yourself The Best Chance In Life You Can.

I Have A House That I Bought 55 Years Ago. It's Warm In The Winter; It's Cool In The Summer. It Has Everything I Wanted, Plus It Has All Kinds Of Good Memories. Like My Kids, I Have Good Thoughts About That. I Can't Imagine Living Any Better.

When The President Of The United States Goes Out At, You Know, 8:00 O'clock In The Morning And Then His Own Party Votes Gets Him 2 To 1 In The House, You Know That Somehow A Message Isn't Getting Out. It Takes Real Leadership.

I Have Pledged - To You, The Rating Agencies And Myself - To Always Run Berkshire With More Than Ample Cash. We Never Want To Count On The Kindness Of Strangers In Order To Meet Tomorrow's Obligations. When Forced To Choose, I Will Not Trade Even A Night's Sleep For The Chance Of Extra Profits.

The Worst Sort Of Business Is One That Grows Rapidly, Requires Significant Capital To Engender The Growth, And Then Earns Little Or No Money. Think Airlines. Here A Durable Competitive Advantage Has Proven Elusive Ever Since The Days Of The Wright Brothers. Indeed, If A Farsighted Capitalist Had Been Present At Kitty Hawk, He Would Have Done His Successors A Huge Favor By Shooting Orville Down.

We Also Believe Candour Benefits Us As Managers. The Ceo Who Misleads Often In Public Eventually Misleads Himself In Private.

I'm Not Worried They're All About The Investments We Make. I Mean, Listen, This Country - We've Got $46,000 Or $47,000 Of Gdp Per Capita. Now, We've Done Pretty Darn Well. We'll Do Better In The Future.

I Have Never Been Able To Understand Why The Tax Comes As Such A Body Blow To Many People Since The Rate On Long-term Capital Gain Is Lower Than On Most Likes Of Endeavor (tax Policy Indicated Digging Ditches Is Regarded As Socially Less Desirable Than Shuffling Stock Certificates).

Aig Would Be Doing Fine Today. It Was One Of The Ten Largest Companies In The United States In Terms Of Market Value, Over 200 Billion, The Most Respected Insurer And Everything In The World.

If You Gave Me The Choice Of Being Ceo Of General Electric Or Ibm Or General Motors, You Name It, Or Delivering Papers, I Would Deliver Papers. I Would. I Enjoyed Doing That. I Can Think About What I Want To Think. I Don't Have To Do Anything I Don't Want To Do.

After 25 Years Of Buying And Supervising A Great Variety Of Businesses, Charlie [munger] And I Have Not Learned How To Solve Difficult Business Problems. What We Have Learned Is To Avoid Them. To The Extent We Have Been Successful, It Is Because We Have Concentrated On Identifying One-foot Hurdles That We Could Step Over Rather Than Because We Acquired Any Ability To Clear Seven-footers.

I Do Not Believe In Inheriting Your Position In Society Based On Which Womb You Come From... I Think A Rich Person Should Leave His Children Enough So They Can Do Anything, But Not Enough So They Can Do Nothing.

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It's Just That I Landed Up In A Terrific Capitalist System. One That Pays People Who Allocate Capital Extraordinarily Well. Intrinsically, I'm Not Worth As Much As Somebody Who Invents Something That Could Improves People's Life, Or Health Or Whatever.

If You Owe Money, You Can't Pay Them Out. You Just Pay For Everything, You Do Smart Things, You Eventually Get Very Rich.

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Trust Is Like The Air We Breathe--when It's Present, Nobody Really Notices; When It's Absent, Everybody Notices.

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Focus On Return On Equity, Not Earnings Per Share.

Don't Pass Up Something That's Attractive Today Because You Think You Will Find Something Way More Attractive Tomorrow.

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I Did Not Think I Would See The Day When, You Know, An Aig Would Not Be Able To Have Its Checks Clear.

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We All Make Mistakes. If You Can't Make Mistakes, You Can't Make Decisions. I've Made A Lot Bigger Mistakes Myself.

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It Will Be Good For Us In The Long Run, And I Mean There Are, You Know, Six And A Half Billion People In This World. And It's Great For 300 Million To Keep Enjoying More And More Property, But I Think It's Terrific If, You Know, The Remainder Do.

I Never Buy Anything Unless I Can Fill Out On A Piece Of Paper My Reasons. I May Be Wrong, But I Would Know The Answer To That ...i'm Paying $32 Billion Today For The Coca Cola Company Because... If You Can't Answer That Question, You Shouldn't Buy It. If You Can Answer That Question, And You Do It A Few Times, You'll Make A Lot Of Money.

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Do What You Would Do For Free, Having Passion For What You Do Is The Most Important Thing.

Passion For What You Do

Does The Business Have Favourable Long Term Prospects?

Gold Has Two Significant Shortcomings, Being Neither Of Much Use Nor Procreative.

The Single Most Important Decision In Evaluating A Business Is Pricing Power.

There Is No Perfect Mathematical Formula For Pricing A Business.

I'll Bring My Tax Returns; You Bring Yours. I'll Meet You Anytime Anywhere.

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With Enough Insider Information And A Million Dollars, You Can Go Broke In A Year.

When Berkshire Buys Common Stock, We Approach The Transaction As If We Were Buying Into A Private Business.

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The Extraordinary Business Does Not Require Good Management.

It Is Better To Point Out Your Own Mistakes Than Have Somebody Else Do It.

I Am A Better Investor Because I Am A Businessman, And A Better Businessman Because I Am No Investor.

The Capital Gains Tax Is 15 Percent Now. So I Sit There In My Office And I Make A Lot Of Money By Capital Gains, And I Pay 15 Percent, And I Pay No Payroll Tax On It.

If I Subscribed To The Efficient Market Theory I Would Still Be Delivering Papers

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I've Learned Mainly By Reading Myself. So I Don't Think I Have Any Original Ideas. Certainly, I Talk About Reading Graham. I've Read Phil Fisher. So I've Gotten A Lot Of My Ideas From Reading. You Can Learn A Lot From Other People. In Fact, I Think If You Learn Basically From Other People, You Don't Have To Get Too Many New Ideas On Your Own. You Can Just Apply The Best Of What You See.

Lethargy Bordering On Sloth Remains The Cornerstone Of Our Investment Style. The Exception Was Wells Fargo, A Superbly-managed, High-return Banking Operation In Which We Increased Our Ownership To Just Under 10%, The Most We Can Own Without The Approval Of The Federal Reserve Board.

In A Difficult Business, No Sooner Is One Problem Solved Than Another Surfaces - Never Is There Just One Cockroach In The Kitchen.

Our Approach Is Very Much Profiting From Lack Of Change Rather Than From Change.

Investing Money

Accounting Is The Language Of Business.

I Choose To Work With Every Single Person That I Work With. That Ends Up Being The Most Important Factor. I Don't Interact With People I Don't Like Or Admire. That's The Key. It's Like Marrying.

When People Tell Me They've Learned From Experience, I Tell Them The Trick Is To Learn From Other People's Experience.

Never Count On Making A Good Sale. Have The Purchase Price Be So Attractive That Even A Mediocre Sale Gives Good Results.

Mr. Market Is Your Servant, Not Your Guide.

My Friends And I Have Been Coddled Long Enough By A Billionaire-friendly Congress.

Mark Zuckerberg Will Be A Hero To Many Young Entrepreneurs 20 Years From Now. Bill Gates Will Be A Hero To Others, And They Will Look To Those [people] Like I Read Books When I Was In My Teens About Rockefeller Or Carnegie.

Young Entrepreneurs

Great Investment Opportunities Come Around When Excellent Companies Are Surrounded By Unusual Circumstances That Cause The Stock To Be Misappraised.

Sound Investing Can Make You Very Wealthy If You're Not In Too Big A Hurry

You Can Lose Leverage, And It's The Only Way A Smart Guy Can Go Broke.

Continually Challenge And Be Willing To Amend Your Best Loved Ideas.

I'm Always Interested In Understanding The Math Of Things And Understanding As Much As I Can About All Aspects Of Business. And What I Learn Today May Be Useful To Me Two Years From Now. That's Really The Wonderful Thing About Investments Is Your Knowledge Is Cumulative.

By Periodically Investing In An Index Fund, The Know-nothing Investors Can Actually Outperform Most Investment Professionals.

The First Rule Is Not To Lose. The Second Rule Is Not To Forget The First Rule.

The Real Fortunes In This Country Have Been Made By People Who Have Been Right About The Business They Invested In, And Not Right About The Timing Of The Stock Market.

When You Combine Ignorance And Leverage, You Get Some Pretty Interesting Results.

Investing Money

In Investing, Just As In Baseball, To Put Runs On The Scoreboard, One Must Watch The Playing Field, Not The Scoreboard.

Bull Markets And Bear Markets Can Obscure Mathematical Laws, They Cannot Repeal Them.

People Will Always Try To Stop You From Doing The Right Thing If It Is Unconventional.

I Have An 800 Freephone Number Now That I Call If I Get The Urge To Buy An Airline Stock. I Call At Two In The Morning And I Say: "my Name Is Warren And I'm An Aeroholic." And Then They Talk Me Down.

A Newspaper That Reduces Its Coverage Of The News Important To Its Community Is Certain To Reduce Its Readership As Well

In Business, I Look For Economic Castles Protected By Unbreachable 'moats'.

I Believe The Chance Of Any Event Causing Berkshire To Experience Financial Problems Is Essentially Zero. We Will Always Be Prepared For The Thousand-year Flood; In Fact, If It Occurswe Will Be Selling Life Jackets To The Unprepared.

Observing That The Market Was Frequently Efficient, Emt Adherents Went On To Conclude Incorrectly That It Was Always Efficient. The Difference Between These Propositions Is Night And Day.

You're Neither Right Nor Wrong Because Other People Agree With You. You're Right Because Your Facts Are Right And Your Reasoning Is Right - That's The Only Thing That Makes You Right. And If Your Facts And Reasoning Are Right, You Don't Have To Worry About Anybody Else.

It's Nice To Have A Lot Of Money, But You Know, You Don't Want To Keep It Around Forever. I Prefer Buying Things. Otherwise, It's A Little Like Saving Sex For Your Old Age.

The Speed At Which A Business Success Is Recognized, Furthermore, Is Not That Important As Long As The Company's Intrinsic Value Is Increasing At A Satisfactory Rate. In Fact, Delayed Recognition Can Be An Advantage: It May Give Us The Chance To Buy More Of A Good Thing At A Bargain Price.

Long Ago, Ben Graham Taught Me That "price Is What You Pay; Value Is What You Get." Whether We're Talking About Socks Or Stocks, I Like Buying Quality Merchandise When It Is Marked Down.

In Our View, Derivatives Are Financial Weapons Of Mass Destruction Carrying Dangers That, While Latent, Are Potentially Lethal.

Mass Destruction

We Have To Live With The Rest Of The World. And It's A Mistake, In My View. Trade Has Generally Developed In This Country. We Actually Export 12 Or 13 Percent Of Our Gdp. It Was Only 5 Percent In 1970. But It Benefits Us. It Benefits The Rest Of The World. It Doesn't Benefit The Steelworker Maybe In Ohio. And That's The Problem That Has To Be Addressed, Because When You Have Something That's Good For Society, But Terribly Harmful For Given Individuals, We Have Got To Make Sure Those Individuals Are Taken Care Of.

In The End We Must Have People To Match Our Principles, Not The Reverse.

I Would Say That Life At 84, I Am Having As Much Fun As I've Ever Had In My Life. I Mean I Get To Do What I Love Every Day With The People I Love-and It Just Doesn't Get Any Better Than That.

Returns Decrease As Motion Increases.

Cash Never Makes Us Happy, But It's Better To Have The Money Burning A Hole In Berkshire's Pocket Than Resting Comfortably In Someone Else's.

I've Seen More People Fail Because Of Liquor And Leverage -- Leverage Being Borrowed Money. You Really Don't Need Leverage In This World Much. If You're Smart, You're Going To Make A Lot Of Money Without Borrowing.

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I Have Worked With Investors For 60 Years And I Have Yet To See Anyone - Not Even When Capital Gains Rates Were 39.9 Percent In 1976-77 - Shy Away From A Sensible Investment Because Of The Tax Rate On The Potential Gain.

In Fact, In My Adult Lifetime, I Don't Think I've Ever Seen People As Fearful Economically As They Are Right Now.

Be Fearful When The Markets Get Greedy, Be Greedy When The Markets Get Fearful.

I Mean The Truth Is, I've Never Had It So Good In Terms Of Taxes. I Am Paying The Lowest Tax Rate That I've Ever Paid In My Life.

If You Have A Harem Of 40 Women, You Never Get To Know Any Of Them Very Well.

Diversification Is A Protection Against Ignorance. It Makes Very Little Sense For Those Who Know What They're Doing.

I Prefer Liquor Store Robbers With Hungry Kids To Companies That Locate Offshore To Avoid U.s. Taxes.

Too Often, A Vast Collection Of Possessions Ends Up Possessing Its Owner.

Generally, We Have Translated Greater Output In The Few Hours Of Work Per Week Over The Last Century. And That's A Good Trend Of The Future. But We Do Have To Have A System That, As Output Of Goods And Services Keeps Increasing Per Capita, That It Takes Care Of The People Who Are Willing To Work And Really Are Not Getting By Very Well With A Family On A 40-hour Week.

I Just Think That - When A Country Needs More Income And We Do, We're Only Taking In 15 Percent Of Gdp, I Mean, That - That - When A Country Needs More Income, They Should Get It From The People That Have It.

The Purpose Of Life Is To Be Loved By As Many People As Possible Among Those You Want To Have Love You

Buy A Business, Don't Rent Stocks.

I Think Confidence Will Come Back.

I Try To Buy Stock In Businesses That Are So Wonderful That An Idiot Can Run Them. Because Sooner Or Later, One Will.

Investing Money

You Can't Help Some Increase From This Point. I Don't Want Any Viewer To Go Away Think A Magic Wand Exists In Congress. So They're Going To See Some More Bad News. But If We Do This, We're Doing The Right Thing.

Derivatives Are Like Sex. It's Not Who We're Sleeping With, It's Who They're Sleeping With That's The Problem.

Having A Large Amount Of Leverage Is Like Driving A Car With A Dagger On The Steering Wheel Pointed At Your Heart. If You Do That, You Will Be A Better Driver. There Will Be Fewer Accidents But When They Happen, They Will Be Fatal.

I Think You'll Have Plenty Of Scrutiny As How The Money's Invested. I Mean, Just Like The Rfc. When The Rfc Operated, People Knew Which Institutions They Were Buying Preferred Stock In. And It Worked Very Well.

Possessing A Powerful Worldwide Brand Is Essential For Sustained Success.

We Rarely Use Much Debt And, When We Do, We Attempt To Structure It On A Long-term Fixed Rate Basis. We Will Reject Interesting Opportunities Rather Than Over-leverage Our Balance Sheet. This Conservatism Has Penalized Our Results But It Is The Only Behavior That Leaves Us Comfortable, Considering Our Fiduciary Obligations To Policyholders, Depositors, Lenders And The Many Equity Holders Who Have Committed Unusually Large Portions Of Their Net Worth To Our Care.

An Investor Should Ordinarily Hold A Small Piece Of An Outstanding Business With The Same Tenacity That An Owner Would Exhibit If He Owned All Of That Business.

The Greatest Enemies Of The Equity Investor Are Expenses And Emotions.

To Invest Successfully, You Need Not Understand Beta, Efficient Markets, Modern Portfolio Theory, Option Pricing Or Emerging Markets. You May, In Fact, Be Better Off Knowing Nothing Of These. That, Of Course, Is Not The Prevailing View At Most Business Schools, Whose Finance Curriculum Tends To Be Dominated By Such Subjects. In Our View, Though, Investment Students Need Only Two Well-taught Courses - How To Value A Business, And How To Think About Market Prices.

Never Invest In A Business You Can't Understand

The Range Of Derivatives Contracts Is Limited Only By The Imagination Of Man (or Sometimes, So It Seems, Madmen). Say You Want To Write A Contract Speculating On The Number Of Twins To Be Born In Nebraska In 2020. No Problem-at A Price, You Will Easily Find An Obliging Counterparty.

The Problem With Commodities Is That You Are Betting On What Someone Else Would Pay For Them In Six Months. The Commodity Itself Isn't Going To Do Anything For You....it Is An Entirely Different Game To Buy A Lump Of Something And Hope That Somebody Else Pays You More For That Lump Two Years From Now Than It Is To Buy Something That You Expect To Produce Income For You Over Time.

We've Got More Productive Capacity Now Than We Ever Have.

I Have Three Boxes On My Desk: In, Out, And Too Hard.

I Don't Try And Guess When To Get In And Out Of The Market. I Have Owned Stocks Consistently Since 1942. I Owned The - I Was Buying Stocks The Day Before The Election. I Was Buying The Same Stocks The Day After Election. And If Hillary Had Been Elected, It Would Have Been The Same Thing.

It Irritates The Hell Out Of Me But You Can't Buy Love.

We Always Live In An Uncertain World. What Is Certain Is That The United States Will Go Forward Over Time.

The Most Important Quality For An Investor Is Temperament, Not Intellect.

I Look At Everything. That's My Job. I Really Do, Every Day. I Think About Everything.

You Can Be Sure That Over The Next 10 Years, You'll See Something That You Did Not Think Was Possible.

Investment Ideas, Like Women Are Often More Exciting Than Punctual.

We're Still In A Recession. We're Not Gonna Be Out Of It For A While, But We Will Get Out.

I Think Once You Start Putting Phony Figures Into Financial Statements, You Get In A Lot Of Trouble. And We've Seen So Much Of That In The Last 20 Years.

A Market Downturn, Doesn't Bother Us. For Us And Our Long Term Investors, It Is An Opportunity To Increase Our Ownership Of Great Companies With Great Management At Good Prices. Only For Short Term Investors And Market Timers Is A Correction Not An Opportunity.

We Set No Volume Goals In Our Insurance Business Generally-and Certainly Not In Reinsurance-as Virtually Any Volume Can Be Achieved If Profitability Standards Are Ignored.

In My View, [the Trade Deficit] Will Create Political Turmoil At Some Point...pretty Soon, I Think There Will Be A Big Adjustment.

I Put Heavy Weight On Certainty. It's Not Risky To Buy Securities At A Fraction Of What They're Worth.

When Berkshire Hathaway Laid Out Three Billion Dollars For Ge Today, We Didn't Spend It, We Invested It. When The Federal Government Buys The Mortgages, They're Not Spending It, They're Investing It. Now, They're Investing It In Distress Type Assets But They're Buying Them At Distress Prices If They Buy Them At Market. It's The Kind Of Stuff I Love To Do. I Just Don't Have 700 Million. Maybe We Could Go In It Together.

Making Money Isn't The Backbone Of Our Guiding Purpose; Making Money Is The By-product Of Our Guiding Purpose. If You're Doing Something You Love, You're More Likely To Put Your All Into It, And That Generally Equates To Making Money

The Noah Rule: Predicting Rain Doesn't Count; Building Arks Does.

An Investor Should Act As Though He Had A Lifetime Decision Card With Just Twenty Punches On It.

Inflation Could Be A Very - Is A Likely Consequence Out Of What's Going On Now.

You’d Get Very Rich If You Thought Of Yourself As Having A Card With Only Twenty Punches In A Lifetime, And Every Financial Decision Used Up One Punch. You’d Resist The Temptation To Dabble. You’d Make More Good Decisions And You’d Make More Big Decisions.

All I Have To Do Is Think And Not Be Influenced By Others.

I Think It's Been, You Know, Kind Of Like A Tragic Play To This Point. But At This Point, I Think It's Clear, And Will Be Clear To The Majority Of The Congress. I Think It's Clear To The American People That There Is Only One Countervailing Force To A World Where Financial Institutions Are Trying To Sell Instruments Every Day And Where Credit Has Dried Up, And That's The United States Treasury.

I Think What People Understand There Probably - Well, They Were Hoping The Private Sector Would Do It [rescuing Aig ].

I Don't Have My Diploma From The University Of Nebraska Hanging On My Office Wall, And I Don't Have My Diploma From Columbia Up There Either-but I Do Have My Dale Carnegie Graduation Certificate Proudly Displayed.

I Would Say The Most Satisfying Thing Actually Is Watching My Three Children Each Pick Up On Their Own Interests And Work Many More Hours Per Week Than Most People That Have Jobs At Trying To Intelligently Give Away That Money In Fields That They Particularly Care About.

Investing In A Market Where People Believe In Efficiency Is Like Playing Bridge With Someone Who Has Been Told It Doesn't Do Any Good To Look At The Cards.

With Each Investment You Make, You Should Have The Courage And The Conviction To Place At Least Ten Per Cent Of Your Net Worth In That Stock

You Ought To Be Able To Explain Why You’re Taking The Job You’re Taking, Why You’re Making The Investment You’re Making, Or Whatever It May Be. And If It Can’t Stand Applying Pencil To Paper, You’d Better Think It Through Some More. And If You Can’t Write An Intelligent Answer To Those Questions, Don’t Do It.

It's Us Fun Being A Horse When The Tractor Comes Along, Or The Blacksmith When The Car Comes Along.

I Think That Actually People In My Situation Should Be Paying More Tax.

I View Derivatives As Time Bombs, Both For The Parties That Deal In Them And The Economic System.

Buy Into A Company Because You Want To Own It, Not Because You Want The Stock To Go Up.

Investing Money

If You Want Your Business To Survive For 100 Years, You've Got To Make It Through Every Single Day For 100 Years. It's Not Enough To Do It 99.9% Of The Time.

Fund Consultants Like To Require Style Boxes Such As "long-short," "macro," "international Equities." At Berkshire Our Only Style Box Is "smart."

We Like To Buy Businesses, But We Don't Like To Sell Them.

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