In the LBO field there is a buried "covariance" with marketable equities, toward disaster in generally bad business conditions, and competition is now extremely intense.
It's not the bad ideas that do you in, but the good ones.
There's no way that you can live an adequate life without making many mistakes.
If you have the opportunities of Berkshire, an investment in gold is dumb.
I won’t bet $100 against house odds between now and the grave.
See's candy company was the first high-quality business we ever bought.