If you have competence, you pretty much know its boundaries already. To ask the question (of whether you are past the boundary) is to answer it.

We're emphasizing the knowable by predicting how certain people and companies will swim against the current. We're not predicting the fluctuation in the current.

I'm a bull on Berkshire Hathaway. There may be some considerable waiting, but I think there are some good days ahead.

You need a different checklist and different mental models for different companies. I can never make it easy by saying, 'Here are three things.' You have to derive it yourself to ingrain it in your head for the rest of your life.

'F.A.S.B' ... 'Financial Accounts Still Bogus'.

The best thing a human being can do is to help another human being know more.

What matters most: passion or competence that was born in? Berkshireis full of people who have a peculiar passion for their own business. I would argue passion is more important than brain power.