At Berkshire Hathaway we do not like to compete against Chinese manufacturers.

I do not think you can trust bankers to control themselves. They are like heroin addicts.

I have a name for people who went to the extreme efficient market theory-which is "bonkers". It was an intellectually consistent theory that enabled them to do pretty mathematics. So I understand its seductiveness to people with large mathematical gifts. It just had a difficulty in that the fundamental assumption did not tie properly to reality.

One could imagine a period like Japan13 years ago, however, in which indexing over time wouldn't work.

Strategic plans cause more dumb decisions than anything else in America.

The Internet bubble circa 2000 is the most extreme in modern capitalism. In the 1930s, we had the worst depression in 600 years. Today is almost as extreme in the opposite way.

...by regularly reading business newspaper and magazines I am exposed to an enormous amount of material at the micro level.. I find that what I see going on there pretty much informs me about what's happening at the macro level.