Litigation is notoriously time-consuming, inefficient, costly and unpredictable.

Just avoid things like racing trains to the crossing, doing cocaine, etc. Develop good mental habits.

Our approach has worked for us. Look at the fun we, our managers, and our shareholders are having. More people should copy us. It's not difficult, but it looks difficult because it's unconventional - it isn't the way things are normally done. We have low overhead, don't have quarterly goals and budgets or a standard personnel system, and our investing is much more concentrated than average. It's simple and common sense.

I don't have too much interest in teaching other people how to get rich. And that isn't because I fear the competition or anything like that - Warrenhas always been very open about what he's learned, and I share that ethos. My personal behavior model is Lord Keynes: I wanted to get rich so I could be independent, and so I could do other things like give talks on the intersection of psychology and economics. I didn't want to turn it into a total obsession.

It's human nature to extrapolate the recent past into the future, but it's terrible that managements go along with this.

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

Move only when you have an advantage. It's very basic. You have to understand the odds and have the discipline to bet only when the odds are in your favor.