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

To us, investing is the equivalent of going out and betting against the pari-mutuel system. We look for a horse with one chance in two of winning, and that pays three to one. In other words, we're looking for a mispriced gamble. That's what investing is, and you have to know enough to know whether the gamble is mispriced.

If you don't allow for self-serving bias in the conduct of others, you are, again, a fool.

Investing is where you find a few great companies and then sit on your ass.

It's not a competency if you don't know the edge of it.

I also want to raise the possibility that there are, in the very long term, "virtue effects" in economics- for instance that widespread corrupt accounting will eventually create bad long term consequences as a sort of obverse effect from the virtue-based boost double-entry book-keeping gave to the heyday of Venice. I suggest that when the financial scene starts reminding you of Sodomand Gomorrah, you should fear practical consequences even if you like to participate in what is going on.

It's a good habit to trumpet your failures and be quiet about your successes.