You need a different checklist and different mental models for different companies. I can never make it easy by saying, 'Here are three things.' You have to derive it yourself to ingrain it in your head for the rest of your life.

The reason we avoid the word 'synergy' is because people generally claim more synergistic benefits than will come. Yes, it exists, but there are so many false promises.Berkshire is full of synergies - we don't avoid synergies, just claims of synergies.

I like people admitting they were complete stupid horses' asses. I know I'll perform better if I rub my nose in my mistakes. This is a wonderful trick to learn.

An idea or a fact is not worth more merely because it's more available to you.

A board member should be perfectly willing to leave at any time and willing to make the tough calls.

Cicero's words also increased my personal satisfaction by supporting my long-standing rejection of a conventional point of view.

People calculate too much and think too little.