I'm proud to be associated with the value system at Berkshire Hathaway; I think you'll make more money in the end with good ethics than bad.

If the technology hadn't changed, they [newspapers] would still be great businesses. Network TV [in its heyday], anyone could run and do well. If Tom Murphy as running it, you'd do very well, but even your idiot nephew could do well. Fortunately, carbide cutting tools [such as those made by Iscar] don't have these types of substitutes.

It's not the bad ideas that do you in, but the good ones.

I remember the $0.05 hamburger and a $0.40-per-hour minimum wage, so I've seen a tremendous amount of inflation in my lifetime. Did it ruin the investment climate? I think not.

There is the sheer amount of Franklin's wisdom. And the talent. Franklin played four instruments. He was the nation's leading scientist and inventor, plus a leading author, statesman, and philanthropist. There has never been anyone like him.

Develop into a lifelong self-learner through voracious reading; cultivate curiosity and strive to become a little wiser every day.

The interesting thing is the field is so big - it's enormous. One thing a modern civilization needs is energy.