Those who will not face improvements because they are changes, will face changes that are not improvements.

If you have the opportunities of Berkshire, an investment in gold is dumb.

It's a rare business that doesn't have a way worse future than it has a past.

In my life there are not that many questions I can't properly deal with using my $40 adding machine and dog-eared compound interest table.

Derivative trading with mark-to-market accounting degenerates into mark-to-model. Two firms make a big derivative trade and the accountants on both sides show a large profit from the same trade.

We’re partial to putting out large amounts of money where we won’t have to make another decision.

I have what I call an iron prescription that helps me keep sane when I naturally drift toward preferring one ideology over another and that is: I say that I'm not entitled to have an opinion on this subject unless I can state the arguments against my position better than the people who support it. I think only when I've reached that state am I qualified to speak. This business of not drifting into extreme ideology is a very, very important thing in life