So, economics should emulate physics' basic ethos, but its search for precision in physics-like formulas is almost always wrong in economics.

Even if you assume that the whole economy would work better had we never had double taxation, having the envy and resentment of the richest paying low or no taxes screams of injustice. You have to have a fair system.

Almost all good businesses engage in 'pain today, gain tomorrow' activities.

...in terms of business mistakes that I've seen over a long lifetime, I would say that trying to minimize taxes too much is one of the great standard causes of really dumb mistakes. I see terrible mistakes from people being overly motivated by tax considerations. Warren and I personally don't drill oil wells. We pay our taxes. And we've done pretty well, so far. Anytime somebody offers you a tax shelter from here on in life, my advice would be don't buy it.

I never allow myself to have an opinion on anything that I don't know the other side's argument better than they do.

When you locate a bargain, you must ask, 'Why me, God? Why am I the only one who could find this bargain?'

Opportunity comes to the prepared mind.