I think the notion...that liquidity is this - of tradable common stock - is a great contributor to capitalism - I think that is mostly twaddle... The liquidity gives us these crazy booms, which have many problems as well as virtues.

Spend less than you make; always be saving something. Put it into a tax-deferred account. Over time, it will begin to amount to something. This is such a no-brainer.

At Berkshire Hathaway we do not like to compete against Chinese manufacturers.

It's dishonourable to stay stupider than you need to be

Our biggest mistakes, were things we didn't do, companies we didn't buy.

We tend to buy things - a lot of things - where we don't know exactly what will happen, but the outcome will be decent.

Part of that, I think, is being able to tune out folly, as distinguished from recognizing wisdom. You've got whole categories of things you just bat away so your brain isn't cluttered with them. That way, you're better able to pick up a few sensible things to do.