We have a high moral responsibility to be rational

Berkshireis in the business of making easy predictions If a deal looks too hard, the partners simply shelve it.

Any year that you don't destroy one of your best-loved ideas is probably a wasted year

Organized common (or uncommon) sense -- very basic knowledge -- is an enormously powerful tool. There are huge dangers with computers. People calculate too much and think too little.

A great business at a fair price is superior to a fair business at a great price.

Recognize reality even when you don't like it-especially when you don't like it.

In engineering, people have a big margin of safety. But in the financial world, people don't give a damn about safety. They let it balloon and balloon and balloon. It's aided by false accounting.