The tax code gives you an enormous advantage if you can find some things you can just sit with.

Our success has come from the lack of oversight we've provided, and our success will continue to be from a lack of oversight. But if you're going to provide minimal oversight, you have to buy carefully. It's a different model from GE's. GE's works - it's just very different from ours.

If the technology hadn't changed, they [newspapers] would still be great businesses. Network TV [in its heyday], anyone could run and do well. If Tom Murphy as running it, you'd do very well, but even your idiot nephew could do well. Fortunately, carbide cutting tools [such as those made by Iscar] don't have these types of substitutes.

Everybody engaged in complex work needs colleagues. Just the discipline of having to put your thoughts in order with somebody else is a very useful thing.”

I'm a bull on Berkshire Hathaway. There may be some considerable waiting, but I think there are some good days ahead.

If the value of a company doesn't just scream out at you, it's too close.

Opportunity comes to the prepared mind.