Our approach has worked for us. Look at the fun we, our managers, and our shareholders are having. More people should copy us. It's not difficult, but it looks difficult because it's unconventional - it isn't the way things are normally done. We have low overhead, don't have quarterly goals and budgets or a standard personnel system, and our investing is much more concentrated than average. It's simple and common sense.

We don't like trading agony for money

In engineering, people have a big margin of safety. But in the financial world, people don't give a damn about safety. They let it balloon and balloon and balloon. It's aided by false accounting.

Don't confuse correlation and causation. Almost all great records eventually dwindle.

In my life there are not that many questions I can't properly deal with using my $40 adding machine and dog-eared compound interest table.

The liabilities are always 100 percent good. It's the assets you have to worry about.

What matters most: passion or competence that was born in? Berkshireis full of people who have a peculiar passion for their own business. I would argue passion is more important than brain power.