We have a history when things are really horrible of wading in when no one else will.

One of the smartest things a person can do is dampen investment expectations, especially with Berkshire. That would be mature and responsible. I like our model and we should do nicely

Just as a man working with his tools should know its limitations, a man working with his cognitive apparatus must know its limitations.

Remember that reputation and integrity are your most valuable assets - and can be lost in a heartbeat.

Kellogg's and Campbell's moats have also shrunk due to the increased buying power of supermarkets and companies like Wal-Mart. The muscle power of Wal-Mart and Costco has increased dramatically.

Forgetting your mistakes is a terrible error if you are trying to improve your cognition.

I agree with Peter Drucker that the culture and legal systems of the United Statesare especially favorable to shareholder interests, compared to other interests and compared to most other countries. Indeed, there are many other countries where any good going to public shareholders has a very low priority and almost every other constituency stands higher in line.