Since those don’t hit financial reports, the opportunities you had but didn’t accept, most people don’t bother thinking about them very much. At least that is a mistake we don’t make. We rub our own noses in our mistakes in blowing opportunities, as we just did.

Berkshire has the lowest turnover of any major company in the U.S.The Walton family owns more of Wal-Mart than Buffett owns of Berkshire, so it isn't because of large holdings. It's because we have a really unusual shareholder body that thinks of itself as owners and not holders of little pieces of paper.

If you, like me, lived through 1973-74 or even the early 1990s... There was a waiting list to get OUT of the country club - that's when you know things are tough. If you live long enough, you'll see it.

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

We have never had the will to enforce the immigration laws. What you see is what you'll continue to get.

Over the very long term, history shows that the chances of any business surviving in a manner agreeable to a company's owners are slim at best.

Spend each day trying to be a little wiser than you were when you woke up.