To say accounting for derivatives is Americais a sewer is an insult to sewage.

We're guessing at our future opportunity cost. Warrenis guessing that he'll have the opportunity to put capital out at high rates of return, so he's not willing to put it out at less than 10% now. But if we knew interest rates would stay at 1%, we'd change. Our hurdles reflect our estimate of future opportunity costs.

It would be nice if this [finding really cheap stocks] happened all the time. Unfortunately, it doesn't.

I'm right, and you're smart, and sooner or later you'll see I'm right.

If you don't keep learning, other people will pass you by. Temperament alone won't do it - you need a lot of curiosity for a long, long time.

We look for a horse with one chance in two of winning and which pays you three to one.

Kellogg's and Campbell's moats have also shrunk due to the increased buying power of supermarkets and companies like Wal-Mart. The muscle power of Wal-Mart and Costco has increased dramatically.