In my life there are not that many questions I can't properly deal with using my $40 adding machine and dog-eared compound interest table.

The general culture of investment banking has deteriorated over the years. We did a $6 million deal years ago for Diversified Retailing and we were rigorously and intelligently screened. They bankers cared and wanted to protect their clients. The culture now is that anything that can be sold for a profit will be. 'Can you sell it?' is the moral test, and that's not an adequate test.

It’s not greed that drives the world, but envy.

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

One could imagine a period like Japan13 years ago, however, in which indexing over time wouldn't work.

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.

The tax code gives you an enormous advantage if you can find some things you can just sit with.