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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.

-Warren Buffett

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The Worst Sort Of

Warren Buffett

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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.

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It's The Deleveraging That's Going On Right Now That Has Caused The Credit Crisis.

The True Investor Welcomes Volatility ... A Wildly Fluctuating Market Means That Irrationally Low Prices Will Periodically Be Attached To Solid Businesses.

If You Invested In A Very Low Cost Index Fund - Where You Don't Put The Money In At One Time, But Average In Over 10 Years -you'll Do Better Than 90% Of People Who Start Investing At The Same Time.

You Have To Turn Over A Lot Of Rocks To Find Those Little Anomalies. You Have To Find The Companies That Are Off The Map - Way Off The Map. You May Find Local Companies That Have Nothing Wrong With Them At All. A Company That I Found, Western Insurance Securities, Was Trading For $3/share When It Was Earning $20/share!! I Tried To Buy Up As Much Of It As Possible. No One Will Tell You About These Businesses. You Have To Find Them.

The Big Question About How People Behave Is Whether They've Got An Inner Scorecard Or An Outer Scorecard. It Helps If You Can Be Satisfied With An Inner Scorecard.

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That Goes Back To 1932, Although It Was Really Implemented In '33 Under Jesse Jones, And It Invested In Mostly Banks Initially And Preferred Stock And That Sort Of Thing. So There Are Two Things Needed In The System, The One That's Needed Overwhelmingly Is Liquidity. I Mean, When People Are Trying To [unintelligible], There Has To Be Somebody There To Buy.

In The Business World, The Rearview Mirror Is Always Clearer Than The Windshield.

It's Very Important That The Determination Of The Us Congress To Do What Is Is Needed Be Made Evident This Week And By The Actions Of Most Of The Members. I Mean, You're Not Going To Get Total Assent.

Diversification Is Protection Against Ignorance. It Makes Little Sense If You Know What You Are Doing.

The Fed Is The Greatest Hedge Fund In History.

Derivatives Are Financial Weapons Of Mass Destruction.

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I Mean You Know At Midnight Everything Is Going To Turn To Pumpkins And Mice; Right? But If The Evening Goes Along, I Mean, You Know, The Guys Look Better All The Time, The Music Sounds Better, It's More And More Fun, You Think Why The Hell Should I Leave At Quarter Of 12. I'll Leave At Two Minutes To 12. But The Trouble Is, There Are No Clocks On The Wall. And Everybody Thinks They're Going To Leave At Two Minutes To 12.

The Important Thing Is To Keep Playing, To Play Against Weak Opponents And To Play For Big Stakes.

If You Want To Soar Like An Eagle In Life, You Can't Be Flocking With The Turkeys.

Why Not Invest Your Assets In The Companies You Really Like? As Mae West Said, 'too Much Of A Good Thing Can Be Wonderful'.

In Some Corner Of The World They Are Probably Still Holding Regular Meetings Of The Flat Earth Society. We Derive No Comfort Because Important People, Vocal People, Or Great Numbers Of People Agree With Us. Nor Do We Derive Comfort If They Don't.

Investing Is Laying Out Money Now To Get More Money Back In The Future.

The Banking Business Is No Favorite Of Ours. When Assets Are Twenty Times Equity - A Common Ratio In This Industry - Mistakes That Involve Only A Small Portion Of Assets Can Destroy A Major Portion Of Equity. And Mistakes Have Been The Rule Rather Than The Exception At Many Major Banks.

Working With People Who Cause Your Stomach To Churn Seems Much Like Marrying For Money - Probably A Bad Idea Under Any Circumstances, But Absolute Madness If You Are Already Rich.

Does The Business Have Favourable Long Term Prospects?

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

Executive Compensation

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What Motivates Most Gold Purchasers Is Their Belief That The Ranks Of The Fearful Will Grow. During The Past Decade That Belief Has Proved Correct. Beyond That, The Rising Price Has On Its Own Generated Additional Buying Enthusiasm, Attracting Purchasers Who See The Rise As Validating An Investment Thesis. As 'bandwagon' Investors Join Any Party, They Create Their Own Truth - For A While.

Wild Swings In Share Prices Have More To Do With The "lemming- Like" Behaviour Of Institutional Investors Than With The Aggregate Returns Of The Company They Own.

The Most Important Thing In Terms Of Your Circle Of Competence Is Not How Large The Area Of It Is, But How Well You've Defined The Perimeter.

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

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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.

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It Is Madness To Risk Losing What You Need In Pursuing What You Simply Desire.

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A Pin Lies In Wait For Every Bubble. And When The Two Eventually Meet, A New Wave Of Investors Learns Some Very Old Lessons: First, Many In Wall Street (a Community In Which Quality Control Is Not Prized) Will Sell Investors Anything They Will Buy. Second, Speculation Is Most Dangerous When It Looks Easiest.

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Occasionally, A Man Must Rise Above Principles.

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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.

Is Management Candid With The Shareholders?

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

Nothing Sedates Rationality Like Large Doses Of Effortless Money.

Investing Money

Take The High Road; It's Far Less Crowded.

Taking The High Road

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.

A Low-cost Index Fund Is The Most Sensible Equity Investment For The Great Majority Of Investors. My Mentor, Ben Graham, Took This Position Many Years Ago, And Everything I Have Seen Since Convinces Me Of Its Truth.

Wall Street Makes Its Money On Activity. You Make Your Money On Inactivity.

What The Human Being Is Best At Doing Is Interpreting All New Information So That Their Prior Conclusions Remain Intact.

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An Ipo Is Like A Negotiated Transaction - The Seller Chooses When To Come Public - And It's Unlikely To Be A Time That's Favourable To You.

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

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

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

Calculate "owner Earnings" To Get A True Reflection Of Value.

I Certainly Have No Desire To Sell A Good Controlled Business Run By People I Like And Admire, Merely To Obtain A Fancy Price. However, Specific Conditions May Cause The Sale Of One Operating Unit At Some Point.

Investors Should Remember That Excitement And Expenses Are Their Enemies. And If They Insist On Trying To Time Their Participation In Equities, They Should Try To Be Fearful When Others Are Greedy And Greedy Only When Others Are Fearful.

Investing Money

I Get To Do What I Like To Do Every Single Day Of The Year.

If You Have A Great Manager, You Want To Pay Him Very Well.

If The World Couldn't See Your Results, Would You Rather Be Thought Of As The World's Greatest Investor But In Reality Have The World's Worst Record? Or Be Thought Of As The World's Worst Investor When You Were Actually The Best?

Investing Is The Greatest Business In The World Because You Never Have To Swing. You Stand At The Plate; The Pitcher Throws You General Motors At 47! U.s. Steel At 39! And Nobody Calls A Strike On You. There's No Penalty Except Opportunity. All Day You Wait For The Pitch You Like; Then, When The Fielders Are Asleep, You Step Up And Hit It.

Anything Can Happen In Stock Markets And You Ought To Conduct Your Affairs So That If The Most Extraordinary Events Happen, That You're Still Around To Play The Next Day.

I Make No Effort To Predict The Course Of General Business Or The Stock Market. Period. However, Currently There Are Practices Snowballing In The Security Markets And Business World Which, While Devoid Of Short Term Predictive Value, Bother Me As To Possible Long Term Consequences.

Basically, The Single-most Important Decision In Evaluating A Business Is Pricing Power.

Important Decisions

Anyone Who Believes A Growth Rate In Excess Of 15% Per Annum Over The Long Term Is Attainable Should Pursue A Career In Sales, But Avoid One In Mathematics.

Traditional Wisdom Is Long On Tradition And Short On Wisdom.

We Try To Buy Businesses With Good-to-superb Underlying Economics Run By Honest And Able People And Buy Them At Sensible Prices. That's All I'm Trying To Do.

I Happen To Have A Talent For Allocating Capital. But My Ability To Use That Talent Is Completely Dependent On The Society I Was Born Into. If I'd Been Born Into A Tribe Of Hunters, This Talent Of Mine Would Be Pretty Worthless. I Can't Run Very Fast. I'm Not Particularly Strong. I'd Probably End Up As Some Wild Animal's Dinner.

Unless Your Answers Are Clearly Better, Copy The Answers Of Your Betters.

Ben's Mr. Market Allegory May Seem Out-of-date In Today's Investment World, In Which Most Professionals And Academicians Talk Of Efficient Markets, Dynamic Hedging And Betas. Their Interest In Such Matters Is Understandable, Since Techniques Shrouded In Mystery Clearly Have Value To The Purveyor Of Investment Advice. After All, What Witch Doctor Has Ever Achieved Fame And Fortune By Simply Advising 'take Two Aspirins'?

Resolution Trust Company Was Set Up To Liquidate A Bunch Of Assets That The Government Had Inherited Because The Savings And Loans Went Broke.

You Have To Be Able To Communicate In Life And Probably Schools Underemphasize That. If You Can't Talk To People Or Write, You're Giving Up Your Potential.

If You're Extremely Rich, And You Have Got Children, My Theory Was, You Give Them Enough So They Can Do Anything, But Not Enough So They Can Do Nothing.

Part Of Making Good Decisions In Business Is Recognizing The Poor Decisions You've Made And Why They Were Poor. I've Made Lots Of Mistakes. I'm Going To Make More. It's The Name Of The Game. You Don't Want To Expect Perfection In Yourself. You Want To Strive To Do Your Best. It's Too Demanding To Expect Perfection In Yourself.

Invest In As Much Of Yourself As You Can, You Are Your Own Biggest Asset By Far.

I May Have More Money Than You, But Money Doesn't Make The Difference. If There Is Any Difference Between You And Me, It May Simply Be That I Get Up And Have A Chance To Do What I Love To Do, Every Day. If You Learn Anything From Me, This Is The Best Advice I Can Give You.

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.

Investing Your Time

You Should Be Unconcerned About Short-term Price Action When You Own The Securities Directly, Just As You Were Unconcerned When You Owned Them Indirectly Through Bpl. I Think About Them As Businesses, Not "stocks", And If The Business Does All Right Over The Long Term, So Will The Stock.

I Mean [franklin Delano] Roosevelt Didn't - You Know, When He Came In, He Didn't Print Any Money.

Franklin Delano Roosevelt

None Of This Means, However, That A Business Or Stock Is An Intelligent Purchase Simply Because It Is Unpopular; A Contrarian Approach Is Just As Foolish As A Follow-the-crowd Strategy. What's Required Is Thinking Rather Than Polling. Unfortunately, Bertrand Russell's Observation About Life In General Applies With Unusual Force In The Financial World: "most Men Would Rather Die Than Think. Many Do."

The Time To Buy Stocks Is Consistently Over Time. You Should Never Buy Your Investments With The Idea, 'i Have To Get A Certain Return.' You Should Look At The Best Return Possible And Learn To Live With That. But You Should Not Try To Make Your Investments Earn What You Feel You Need. It Doesn't Work That Way. The Stock Doesn't Know You Own It.

Knowing What To Leave Out Is Just As Important As Knowing What To Focus On.

A Prediction About The Direction Of The Stock Market Tells You Nothing About Where Stocks Are Headed, But A Whole Lot About The Person Doing The Predicting.

It Is Impossible To Unsign A Contract, So Do All Your Thinking Before You Sign.

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.

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

We Always See Shifts In Employment. If You Think About It, If You Go Back To 1800, It Took 80 Percent Of The Labor Force To Produce Enough Food For The Country. Now It Takes Less Than 3 Percent. Well, The Truth Is That Market Systems Move People Around.

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.

There Seems To Be Some Perverse Human Characteristic That Likes To Make Easy Things Difficult.

Focus On Your Customers And Lead Your People As Though Their Lives Depend On Your Success.

I Think Confidence Will Come Back.

To Be Successful, You Should Concentrate On The World Of Companies, Not Arcane Accounting Mathematics.

There Are Three Important Principles To Graham's Approach. [the First Is To Look At Stocks As Fractional Shares Of A Business, Which] Gives You An Entirely Different View Than Most People Who Are In The Market. [the Second Principle Is The Margin-of-safety Concept, Which] Gives You The Competitive Advantage. [the Third Is Having A True Investor's Attitude Toward The Stock Market, Which] If You Have That Attitude, You Start Out Ahead Of 99 Percent Of All The People Who Are Operating In The Stock Market - It's An Enormous Advantage.

When The Brothel Burns Down, Even The Pretty Girls Have To Run Out.

There Is One Thing Of Which I Can Assure You. If Good Performance Of The Fund Is Even A Minor Objective, Any Portfolio Encompassing One Hundred Stocks (whether The Manager Is Handling One Thousand Dollars Or One Billion Dollars) Is Not Being Operated Logically. The Addition Of The One Hundredth Stock Simply Can't Reduce The Potential Variance In Portfolio Performance Sufficiently To Compensate For The Negative Effect Its Inclusion Has On The Overall Portfolio Expectation.

Everybody's Got A Different Circle Of Competence. The Important Thing Is Not How Big The Circle Is. The Important Thing Is Staying Inside The Circle.

Only When You Combine Sound Intellect With Emotional Discipline Do You Get Rational Behavior.

There's Nothing Inappropriate About Having Debt In America. It's What Helped Us Grow Over Time. And It's When Debt Gets Out Of Control That You Worry.

I've Argued With The Senators And Congressmen I've Talked To. You Don't Want To Be Too Little Too Late. If You Buy Them At The Right Price, You May Be Buying Two Trillion Of Face Value.

If At First You Do Succeed, Quit Trying On Investing.

Managers Thinking About Accounting Issues Should Never Forget One Of Abraham Lincoln's Favorite Riddles: How Many Legs Does A Dog Have, If You Call A Tail A Leg? The Answer: Four, Because Calling A Tail A Leg Doesn't Make It A Leg.

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.

[the U.s. Treasury] Can Borrow Basically Unlimited Amounts. They Can Stay There For Years And Years. These Assets Will Be Worth More Money Over Time. So When Merrill Lynch Sells A Bunch Of Mortgage-related Assets At 22 Cents On The Dollar Like They Did A Month Or So Ago, The Buyer Goes - Is Going To Make Money, And He's Going To Make A Lot More Money If It Happens To Be An Institution Like The U.s. Government Which Has Very, Very Cheap Borrowing Costs.

Two Rules: 1. Preserve The Principal 2. When In Doubt, See Rule #1.

An Investor Will Succeed By Coupling Good Business Judgment With An Ability To Insulate His Thoughts And Behavior From The Super-contagious Emotions That Swirl About The Marketplace.

Generally Speaking, Investing In Yourself Is The Best Thing You Can Do. Anything That Improves Your Own Talents; Nobody Can Tax It Or Take It Away From You. They Can Run Up Huge Deficits And The Dollar Can Become Worth Far Less. You Can Have All Kinds Of Things Happen. But If You’ve Got Talent Yourself, And You’ve Maximized Your Talent, You’ve Got A Tremendous Asset That Can Return Ten-fold.

Too Often, Executive Compensation In The U.s. Is Ridiculously Out Of Line With Performance. That Won't Change, Moreover, Because The Deck Is Stacked Against Investors When It Comes To The Ceo's Pay. The Upshot Is That A Mediocre-or-worse Ceo - Aided By His Handpicked Vp Of Human Relations And A Consultant From The Ever-accommodating Firm Of Ratchet, Ratchet And Bingo - All Too Often Receives Gobs Of Money From An Ill-designed Compensation Arrangement.

We Try To Exert A Ted Williams Kind Of Discipline. In His Book The Science Of Hitting, Ted Explains That He Carved The Strike Zone Into 77 Cells, Each The Size Of A Baseball. Swinging Only At Balls In His "best" Cell, He Knew, Would Allow Him To Bat .400; Reaching For Balls In His "worst" Spot, The Low Outside Corner Of The Strike Zone, Would Reduce Him To .230. In Other Words, Waiting For The Fat Pitch Would Mean A Trip To The Hall Of Fame; Swinging Indiscriminately Would Mean A Ticket To The Minors.

Energy Deregulation Will Be The Largest Transfer Of Wealth In History.

We Want To Use Cash. The Reason We Haven't Used Our Cash Two Years Ago, We Just Didn't Find Things That Were That Attractive. But When People Talk About Cash Being King, It's Not King If It Just Sits There And Never Does Anything. There Are Times When Cash Buys More Than Other Times, And This Is One Of The Other Times When It Buys A Fair Amount More, So We Use It.

I Think The Most Important Factor In Getting Out Of The Recession Actually Is Just The Regenerative Capacity Of - Of American Capitalism.

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

The Fact That People Will Be Full Of Greed, Fear, Or Folly Is Predictable. The Sequence Is Not Predictable.

I Would Rather Sustain The Penalties Resulting From Over-conservatism Than Face The Consequences Of Error, Perhaps With Permanent Capital Loss, Resulting From The Adoption Of "new Era" Philosophy Where Trees Really Do Grow To The Sky.

The Less Prudence With Which Others Conduct Their Affairs, The Greater The Prudence With Which We Should Conduct Our Own Affairs.

I Think That Both Parties Should Declare The Debt Limit As A Political Weapon Of Mass Destruction Which Can't Be Used. I Mean, It Is Silly To Have A Country That Has 237 Years Building Up Its Reputation And Then Have People Threaten To Tear It Down Because They're Not Getting Some Other Matter.

Very Successful People Say No To Almost Everything.

Investment Success

If You Knew What Was Going To Happen In The Economy, You Still Wouldn't Necessarily Know What Was Going To Happen In The Stock Market.

Time Is The Friend Of The Wonderful Company, The Enemy Of The Mediocre.

We've Used Derivatives For Many, Many Years. I Don't Think Derivatives Are Evil, Per Se, I Think They Are Dangerous.

I Don't Really Think That, As A Society, We [americans] Want To Confer Blessings On Generation After Generation Who Contribute Nothing To Society, Simply Because Somebody In The Far Distant Past Happened To Amass A Great Sum Of Wealth.

I Think The Oversight Is Great, And I Think That Oversight Ought To Be Devoted Almost Entirely To The Question Is This Being Done At Market You Know. In Other Words, You Want To Make Sure That The Government Isn't Investing Foolishly. But You Don't Want To Care About Which Congressional Districts It Goes To Or Whether Banks Get Favored Over.

We Make Investment Decisions Based On Our Evaluation Of The Most Profitable Combination Of Probabilities.

The Latter Qualification Brings To Mind A Fellow Who Applied For A Job And Stated He Had Twenty Years Of Experience-which Was Corrected By A Former Employer To Read "one Year's Experience-twenty Times.

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

All But A Few Of The Organizations Do Not Specifically Promise To Deliver Superior Investment Performance Although It Is Perhaps Not Unreasonable For The Public To Draw Such An Inference From Their Advertised Emphasis On Professional Management.

It's Not Debt Per Say That Overwhelms An Individual Corporation Or Country. Rather It Is A Continuous Increase In Debt In Relation To Income That Causes Trouble.

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

...i Will Give You Two Pieces Of Advice. Invest As Much In Yourself As You Can; You Are Your Own Best Asset By Far. Then Follow Your Passion; You Want To Be Really Excited To Get Out Of Bed Every Morning.

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

If Horses Had Controlled Investment Decisions, There Would Have Been No Auto Industry.

At This Point, When Treasury Bills, Seven Day Treasury Bills At 1/20th Of One Percent, It's Not Because People Want To Earn 1/20th Of One Percent, It's Because They Trust The Fact The Treasury Will Give It Back To Them Next Week.

I've Never Been Very Fully Employed Either But Just Think Of What It's Like, You Know, To Go Home With A Mortgage Payment You Know And Kids And Everything Else. My Dad Had That Happen To Him In The Early '30s.

There Are 309 Million People Out There That Are Trying To Improve Their Lot In Life. And We've Got A System That Allows Them To Do It.

The Obligation Of A Society As Prosperous As Ours Is To Figure Out How Nobody Gets Left Too Far Behind.

Never Risk What You Have And Need For What We Don't Have And Don't Need.

This Economy Doesn't Work Well Without The Lubrication Of Credit And Trust.

It’s Not That I Want Money. It’s The Fun Of Making Money And Watching It Grow.

Asset-heavy Businesses Generally Earn Low Rates Of Return - Rates That Often Barely Provide Enough Capital To Fund The Inflationary Needs Of The Existing Business, With Nothing Left Over For Real Growth, For Distribution To Owners, Or For Acquisition Of New Businesses

Never Invest In A Business You Can't Understand

Risk Comes From Not Knowing What You're Doing.

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

They Say The Chains Of Habit Are Too Light To Be Felt Until They Are Too Heavy To Be Broken. The Chains You Put Around Yourself Now Have Enormous Consequences As You Go Through Life.

Lethargy, Bordering On Sloth Should Remain The Cornerstone Of An Investment Style.

When You're Associating With The People That You Love, Doing What You Love, It Doesn't Get Any Better Than That.

Doing What You Love

If You Understood A Business Perfectly And The Future Of The Business, You Need Very Little In The Way Of A Margin Of Safety.

I Will Do Anything That Is Basically Covered By The Law To Reduce Berkshire's Tax Rate. For Example, On Wind Energy, We Get A Tax Credit If We Build A Lot Of Wind Farms. That's The Only Reason To Build Them. They Don't Make Sense Without The Tax Credit.

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