It's in the nature of stock markets to go way down from time to time. There's no system to avoid bad markets. You can't do it unless you try to time the market, which is a seriously dumb thing to do. Conservative investing with steady savings without expecting miracles is the way to go.

Derivative trading with mark-to-market accounting degenerates into mark-to-model. Two firms make a big derivative trade and the accountants on both sides show a large profit from the same trade.

I don't want to understand Facebook.

Hard work, honesty, if you keep at it, will get you almost anything.

What good is envy? It’s the one sin you can’t have any fun at.

One of the smartest things a person can do is dampen investment expectations, especially with Berkshire. That would be mature and responsible. I like our model and we should do nicely

We have never had the will to enforce the immigration laws. What you see is what you'll continue to get.