...in terms of business mistakes that I've seen over a long lifetime, I would say that trying to minimize taxes too much is one of the great standard causes of really dumb mistakes. I see terrible mistakes from people being overly motivated by tax considerations. Warren and I personally don't drill oil wells. We pay our taxes. And we've done pretty well, so far. Anytime somebody offers you a tax shelter from here on in life, my advice would be don't buy it.

It's dishonourable to stay stupider than you need to be

There's no way that you can live an adequate life without making many mistakes.

We have found in a long life that one competitor is frequently enough to ruin a business.

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.

We only want what success we can get despite encouraging others to share our general view about reality.

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