All sensible investing is value investing

There are two kinds of businesses: The first earns 12%, and you can take it out at the end of the year. The second earns 12%, but all the excess cash must be reinvested - there's never any cash. It reminds me of the guy who looks at all of his equipment and says, 'There's all of my profit.' We hate that kind of business.

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

Stock-picking is like gambling: those who win well, seldom bet, but when they do, they bet heavily.

Whoever makes you smarter a little earlier in life makes you better

Economics is in many respects the queen of the soft sciences. It's expected to be better than the rest. It's my view that economics is better at the multi-disciplinary stuff than the rest of the soft science. And it's also my view that it's still lousy.

The tradition of always looking for the answer in the most fundamental way available - that is a great tradition, and it saves a lot of time in this world.