My idea of a good place to shop is Costco - it has these heavily marbled fillet steaks. The idea of eating some wheat thing and washing it down with carrot juice has never appealed to me.

Even if you assume that the whole economy would work better had we never had double taxation, having the envy and resentment of the richest paying low or no taxes screams of injustice. You have to have a fair system.

Go to bed smarter than when you woke up.

Just as a man working with his tools should know its limitations, a man working with his cognitive apparatus must know its limitations.

We have a history when things are really horrible of wading in when no one else will.

Assume life will be really tough, and then ask if you can handle it. If the answer is yes, you've won.

The Berkshire-style investors tend to be less diversified than other people. The academics have done a terrible disservice to intelligent investors by glorifying the idea of diversification. Because I just think the whole concept is literally almost insane. It emphasizes feeling good about not having your investment results depart very much from average investment results. But why would you get on the bandwagon like that if somebody didn't make you with a whip and a gun?