It is way less certain to be a wonderful business in the future. The threat is alternative mediums of information. Every newspaper is scrambling to parlay their existing advantage into dominance on the Internet. But it is way less sure [that this will occur] than the certainty 20 years ago that the basic business would grow steadily, so there's more downside risk. The perfectly fabulous economics of this business could become grievously impaired.

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

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

Whoever makes you smarter a little earlier in life makes you better

Litigation is notoriously time-consuming, inefficient, costly and unpredictable.

Whenever you think something or some person is ruining your life, it's you. A victimization mentality is so debilitating.

I’d say that Berkshire Hathaway’s system is adapting to the nature of the investment problem as it really is. We’ve really made the money out of high quality businesses. In some cases, we bought the whole business. And in some cases, we just bought a big block of stock. But when you analyze what happened, the big money’s been made in the high quality businesses. And most of the other people who’ve made a lot of money have done so in high quality businesses.