The ethos of not fooling yourself is one of the best you could possibly have. It's powerful because it's so rare.

A rough rule in life is that an organization foolish in one way in dealing with a complex system is all too likely to be foolish in another.

I would argue that a majority of the horrors we face would not have happened if the accounting profession developed and enforced better accounting.

Berkshire's past record has been almost ridiculous. If Berkshirehad used even half the leverage of, say, Rupert Murdoch, it would be five times its current size.

When you mix raisins and turds, you've still got turds.

The way to win is to work, work, work, work and hope to have a few insights And you're probably not going to be smart enough to find thousands in a lifetime. And when you get a few, you really load up. It's just that simple.

I'm not entitled to have an opinion unless I can state the arguments against my position better than the people who are in opposition. I think that I am qualified to speak only when I've reached that state.