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

While no real money came down, my family gave me a good education and a marvelous example of how people should behave, and in the end that was more valuable than money. Being surrounded by the right values from the beginning is an immense treasure. Warrenhad that. It even has a financial advantage.

How you behave in one place, will help in surprising ways later.

The model I like to sort of simplify the notion of what goes on in a market for common stocks is the pari-mutuel system at the racetrack. If you stop to think about it, a pari-mutuel system is a market. Everybody goes there and bets and the odds change based on what's bet. That's what happens in the stock market.

...being an effective teacher is a high calling.

It's stupid the way people extrapolate the past -- and not slightly stupid, but massively stupid.

Capitalism is a pretty brutal place.