The best armor of old age is a well-spent life preceding it.

The quality of the medical care delivered, including the pharmaceutical industry, has improved a lot. I don't think it's crazy for a rich country like the USto spend 15% of GDP on healthcare, and if it rose to 16-17%, it's not a big worry.

All the equity investors, in total, will surely bear a performance disadvantage per annum equal to the total croupiers' costs they have jointly elected to bear. This is an inescapable fact of life. And it is also inescapable that exactly half of the investors will get a result below the median result after the croupiers' take, which median result may well be somewhere between unexciting and lousy.

If you always tell people why, they'll understand it better, they'll consider it more important, and they'll be more likely to comply.

The first chance you have to avoid a loss from a foolish loan is by refusing to make it; there is no second chance.

Even if you assume that the whole economy would work better had we never had double taxation, having the envy and resentment of the richest paying low or no taxes screams of injustice. You have to have a fair system.

If you have the opportunities of Berkshire, an investment in gold is dumb.