You get in a lot of trouble when you start putting fictitious numbers on value. I think to just say, we're going to say a dollar of cash is worth $2 all of a sudden, it isn't worth $2. It's worth a dollar today. And I think once you start putting phony figures into financial statements, you get in a lot of trouble.
Howard Warren BuffettI mean people -- people don't get -- they don't get smarter about things that get as basic as greed and you can't stand to see your neighbor getting rich. You know you're smarter than he is, and he's doing these things, you know, and he's getting rich, and your spouse is getting unhappy with you because you aren't doing -- pretty soon you start doing it. And so you get what I call the natural progression, the three Is. The innovators, the imitators, and the idiots.
Howard Warren BuffettSoil is a living ecosystem and is a farmer's most precious asset. A farmer's productive capacity is directly related to the health of his or her soil.
Howard Warren BuffettThe good thing is, we have household formation in this country. We have a country where I don't know whether it's a million households a year or more, but good form.
Howard Warren BuffettThe ingredients that made this country, you know, the miracle of the world - I mean we had a seven for one improvement in the average American standard of living in the 20th century.
Howard Warren BuffettWe had the great depression, we had two world wars, we had the flu epidemic. We had oil shock. We had all these terrible things happen. But something about the American system unleashed more and of a potential to human beings over that hundred years so that we had a seven for one improvement in - there's never been any - I mean, you have centuries where if you've got a 1 percent improvement, then it's something. So we've got a great system. And we've got more productive capacity now than we ever have.
Howard Warren Buffett