I'd say 3/4 of advertising works on pure Pavlov. Think how association, pure association, works. Take Coca-Cola company (we're the biggest share-holder). They want to be associated with every wonderful image: heroics in the Olympics, wonderful music, you name it. They don't want to be associated with presidents' funerals and so-forth.

Why would you want to invest with a guy whose thought process says, "If a second layer of fees is good, then let's add a third layer.

... some important factor doesn't lose its "share of force" just because some "expert" can better measure other types of force.

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

The normal expectancy of the average investor - for example, the pension funds of AT&T or IBM - is 6% for a long time.

You need to have a passionate interest in why things are happening. That cast of mind, kept over long periods, gradually improves your ability to focus on reality. If you don't have the cast of mind, you're destined for failure even if you have a high I.Q.