Like the stocks of both Berkshire and Wesco to trade within hailing distance of what we think of as intrinsic value. When it runs up, we try to talk it down. That's not at all common in Corporate America, but that's the way we act.

I have what I call an iron prescription that helps me keep sane when I naturally drift toward preferring one ideology over another and that is: I say that I'm not entitled to have an opinion on this subject unless I can state the arguments against my position better than the people who support it. I think only when I've reached that state am I qualified to speak. This business of not drifting into extreme ideology is a very, very important thing in life

The ethos of not fooling yourself is one of the best you could possibly have. It's powerful because it's so rare.

If you skillfully follow the multidisciplinary path, you will never wish to come back. It would be like cutting off your hands.

Understanding both the power of compound interest and the difficulty of getting it is the heart and soul of understanding a lot of things.

Understanding how to be a good investor makes you a better business manager and vice versa.

Move only when you have an advantage. It's very basic. You have to understand the odds and have the discipline to bet only when the odds are in your favor.