In business we often find that the winning system goes almost ridiculously far in maximizing and or minimizing one or a few variables - like the discount warehouses of Costco.

I regard it as very unfair, but capitalism without failure is like religion without hell.

The best armor of old age is a well-spent life preceding it.

At Berkshire Hathaway we do not like to compete against Chinese manufacturers.

It's a rare business that doesn't have a way worse future than it has a past.

It's dangerous to short stocks.

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.