The idea of excessive diversification is madness.

Our biggest mistakes, were things we didn't do, companies we didn't buy.

If you have the opportunities of Berkshire, an investment in gold is dumb.

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.

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

I think liberal art faculties at major universities have views that are not very sound, at least on public policy issues - they may know a lot of French however.

Economics is in many respects the queen of the soft sciences. It's expected to be better than the rest. It's my view that economics is better at the multi-disciplinary stuff than the rest of the soft science. And it's also my view that it's still lousy.