Projections are put together by people who have an interest in a particular outcome, have a subconscious bias, and its apparent precision makes it fallacious. They remind me of Mark Twain's saying, 'A mine is a hole in the ground owned by a liar.' Projections in America are often a lie, although not an intentional one, but the worst kind because the forecaster often believes them himself.

As I talk about strengths and weaknesses in academic economics, one interesting fact you are entitled to know is that I never took a course in economics. And with this striking lack of credentials, you may wonder why I have the chutzpah to be up here giving this talk. The answer is I have a black belt in chutzpah. I was born with it.

We don't have any miraculous way of avoiding taxes at Wesco and Berkshire.

For years I have read the morning paper and harrumphed. There's a lot to harrumph about now.

Learn how to ignore the examples from others when they are wrong, because few skills are more worth having.

The idea of excessive diversification is madness. Wide diversification, which necessarily includes investment in mediocre businesses, only guarantees ordinary results.

Once you start doing something bad, then it's easy to take the next step - and in the end, you're a moral sewer.