Using volatility as a measure of risk is nuts. Risk to us is 1) the risk of permanent loss of capital, or 2) the risk of inadequate return.

Using volatility as a measure of risk is nuts. Risk to us is 1) the risk of permanent loss of capital, or 2) the risk of inadequate return.

A lot of opportunities in life tend to last a short while, due to some temporary inefficiency... For each of us, really good investment opportunities aren't going to come along too often and won't last too long, so you've got to be ready to act and have a prepared mind.

A business model that relies on trickery is doomed to fail.

Berkshireis in the business of making easy predictions If a deal looks too hard, the partners simply shelve it.

Financial institutions make us nervous when they're trying to do well.

'F.A.S.B' ... 'Financial Accounts Still Bogus'.