It's dangerous to short stocks.

A great business at a fair price is superior to a fair business at a great price.

A few public hangings will really change behavior. One of our Presidents said if he could execute three people each year for no cause, it would make it a lot easier to govern. When someone said that's not enough, he said, "Oh yes it is, because I'd publish the list of people under consideration."

Recognize reality even when you don't like it-especially when you don't like it.

We want very good leaders who have a lot of power.

I try to get rid of people who always confidently answer questions about which they don't have any real knowledge.

Berkshire has the lowest turnover of any major company in the U.S.The Walton family owns more of Wal-Mart than Buffett owns of Berkshire, so it isn't because of large holdings. It's because we have a really unusual shareholder body that thinks of itself as owners and not holders of little pieces of paper.