Obviously if you want to get good at something which is competitive, you have to think about it and practice a lot. You have to keep learning because world keeps changing and competitors keep learning. You have to go to bed wiser than you got up. As you try to master what you are trying to do – people who do that almost never fail utterly. Very few have ever failed with that approach. You may rise slowly, but you are sure to rise.

I think that if you have a single payer system and an opt-out for people who want to pay more [for better service, etc.], I think it would be better - and I think we'll eventually get there. It wouldn't be better at the top - [our current system] is the best in the world at the top. But the waste in the present system is awesome and we do get some very perverse incentives.

Berkshireis not as good as it was in terms of percentage compounding [going forward], but it's still a hell of a business.

I think corporate managers should learn to be better investors because it would make them better managers.

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

Accounting incomes were reduced by discrepancy [ but] "the net amount paid by lawyers for lawyerly discrepancy is close to zippo. In this case, the goddess of justice was blind.

Our job is to find a few intelligent things to do, not to keep up with every damn thing in the world.