When you locate a bargain, you must ask, 'Why me, God? Why am I the only one who could find this bargain?'

This is a good life lesson: getting the right people into your system is the most important thing you can do.

Anyone with an engineering frame of mind will look at [accounting standards] and want to throw up.

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.

For many of our shareholders, our stock is all they own, and we're acutely aware of that. Our culture [of conservatism] runs pretty deep.

Go to bed smarter than when you woke up.

If you buy something because it's undervalued, then you have to think about selling it when it approaches your calculation of its intrinsic value. That's hard. But if you buy a few great companies, then you can sit on your ass. That's a good thing.