I think the reason why we got into such idiocy in investment management is best illustrated by a story that I tell about the guy who sold fishing tackle. I asked him, "My God, they're purple and green. Do fish really take these lures?" And he said, "Mister, I don't sell to fish." Investment managers are in the position of that fishing tackle salesman.

Any year that you don't destroy one of your best-loved ideas is probably a wasted year

A Lesson on Elementary, Worldly Wisdom As It Relates To Investment Management & Business

Avoid working directly under somebody you don't admire and don't want to be like.

[With] closet indexing....you're paying a manager a fortune and he has 85% of his assets invested parallel to the indexes. If you have such a system, you're being played for a sucker.

Berkshireis in the business of making easy predictions If a deal looks too hard, the partners simply shelve it.

Here's one truth that perhaps your typical investment counselor would disagree with: if you're comfortably rich and someone else is getting richer faster than you by, for example, investing in risky stocks, so what?! Someone will always be getting richer faster than you. This is not a tragedy.