You'll find many markets where bottlers of Pepsi and Coke both make a lot of money and many others where they destroy most of the profitability of the two franchises. That must get down to the peculiarities of individual adjustment to market capitalism. I think you 'd have to know the people involved to fully understand what was happening.

The big money is not in the buying and selling ... but in the waiting.

If you can get good at destroying your own wrong ideas, that is a great gift.

I don't spend much time regretting the past, once I've taken my lesson from it. I don't dwell on it.

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

Wesco had a market capitalization of $40 million when we bought it [in the early 1970s]. It's $2 billion now. It's been a long slog to a perfectly respectable outcome - not as good as Berkshire Hathaway or Microsoft, but there's always someone in life who's done better.

Although I am very interested in the subject of human misjudgment - and lord knows I've created a good bit of it - I don't think I've created my full statistical share, and I think that one of the reasons was I tried to do something about this terrible ignorance I left the Harvard Law School with.