I knew a guy who had $5 million and owned his house free and clear. But he wanted to make a bit more money to support his spending, so at the peak of the internet bubble he was selling puts on internet stocks. He lost all of his money and his house and now works in a restaurant. It's not a smart thing for the country to legalize gambling [in the stock market] and make it very accessible.

The Internet bubble circa 2000 is the most extreme in modern capitalism. In the 1930s, we had the worst depression in 600 years. Today is almost as extreme in the opposite way.

If you have the opportunities of Berkshire, an investment in gold is dumb.

Being short and seeing a promoter take the stock up is very irritating. It's not worth it to have that much irritation in your life.

Invert, always invert.

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

A business model that relies on trickery is doomed to fail.