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

No wise pilot, no matter how great his talent and experience, fails to use his checklist.

Any year that you don't destroy one of your best-loved ideas is probably a wasted year

How do you compete against a true fanatic? You can only try to build the best possible moat and continuously attempt to widen it.

You're looking for a mispriced gamble. That's what investing is. And you have to know enough to know whether the gamble is mispriced. That's value investing.

I remember the $0.05 hamburger and a $0.40-per-hour minimum wage, so I've seen a tremendous amount of inflation in my lifetime. Did it ruin the investment climate? I think not.

There's more honor in investment management than in investment banking.