We're the tortoise that has outrun the hare because it chose the easy predictions.

The interesting thing is the field is so big - it's enormous. One thing a modern civilization needs is energy.

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

The safest way to get what you want is to deserve what you want.

The only intelligence investing is value investing...to acquire more than one is paying for.

Opportunity cost is a huge filter in life. If you've got two suitors who are really eager to have you and one is way the hell better than the other, you do not have to spend much time with the other. And that's the way we filter out buying opportunities.

I think the foundation at Berkshire [Buffett's stake in Berkshirewill pass to the Buffett Foundation upon his death] will be a plus because there will be a continuation of the culture. We'd still take in fine businesses run by people who love them.