If it is wisdom you're after, you're going to spend a lot of time on your ass reading.

Litigation is notoriously time-consuming, inefficient, costly and unpredictable.

The average result has to be the average result. By definition, everybody can't beat the market. As I always say, the iron rule of life is that only 20% of the people can be in the top fifth. That's just the way it is.

If the same family were always on the bottom, then you'd have big resentments. But if DuPonts go down and Pampered Chef up, [that's good]. That much churn makes people think the system is fairer. Buffett: We don't like churn now, but we liked it more 30-40 years ago.

Warren spends 70 hours a week thinking about investing .

We have a history when things are really horrible of wading in when no one else will.

The liabilities are always 100 percent good. It's the assets you have to worry about.