Almost all good businesses engage in 'pain today, gain tomorrow' activities.

Understanding both the power of compound interest and the difficulty of getting it is the heart and soul of understanding a lot of things.

I'm a bull on Berkshire Hathaway. There may be some considerable waiting, but I think there are some good days ahead.

I have concluded that most PhD economists under appraise the power of the common-stock-based "wealth effect," under current extreme conditions... "Wealth effects" involve mathematical puzzles that are not nearly so well worked out as physics theories and never can be... What has happened in Japan over roughly the last ten years has shaken up academic economics, as it obviously should, creating strong worries about recession from "wealth effects" in reverse.

The big money is not in the buying and selling ... but in the waiting.

The cost of being a publicly traded stock has gone way, way up. It doesn't make sense for a little company to be public anymore. A lot of little companies are going private to be rid of these burdensome requirements.

No CEO examining books today understands what the hell is going on.