I think that, every time you saw the word EBITDA, you should substitute the word "bullshit" earnings.

There must be some wisdom in the folk saying: Its the strong swimmers who drown.

There is the sheer amount of Franklin's wisdom. And the talent. Franklin played four instruments. He was the nation's leading scientist and inventor, plus a leading author, statesman, and philanthropist. There has never been anyone like him.

Practically everybody (1) overweighs the stuff that can be numbered, because it yields to the statistical techniques they’re taught in academia, and (2) doesn’t mix in the hard-to-measure stuff that may be more important. That is a mistake I’ve tried all my life to avoid, and I have no regrets for having done that.

An investment decision in the common stock of a company frequently involves a whole lot of factors interacting ... the one thing that causes the most trouble is when you combine a bunch of these together, you get this lollapalooza effect.

Berkshireis not as good as it was in terms of percentage compounding [going forward], but it's still a hell of a business.

So, economics should emulate physics' basic ethos, but its search for precision in physics-like formulas is almost always wrong in economics.