Most people will see declining returns [due to inflation]. One of the great defenses if you're worried about inflation is not to have a lot of silly needs in your life - you don't need a lot of material goods.

I know just enough about thermodynamics to understand that if it takes too much fossil-fuel energy to create ethanol, that's a very stupid way to solve an energy problem.

I think there's something to be said for developing the disposition to own stocks without fretting.

It never ceases to amaze me to see how much territory can be grasped if one merely masters and consistently uses all the obvious and easily learned principles.

The investment game is getting more and more competitive.

Berkshireis not as good as it was in terms of percentage compounding [going forward], but it's still a hell of a business.

The harder you work, the more confidence you get. But you may be working hard on something that is false.