In my opinion, the entire field of investment management, involving hundreds of billions of dollars, would be more satisfactorily conducted if everyone had a good yardstick for measurement of ability and sensibly applied it.

I have three boxes on my desk: In, Out, and Too Hard.

The first rule is not to lose. The second rule is not to forget the first rule.

The business schools reward difficult complex behavior more than simple behavior, but simple behavior is more effective.

After 25 years of buying and supervising a great variety of businesses, Charlie [Munger] and I have not learned how to solve difficult business problems. What we have learned is to avoid them. To the extent we have been successful, it is because we have concentrated on identifying one-foot hurdles that we could step over rather than because we acquired any ability to clear seven-footers.

If I got any good ideas out of that or I think they're good ideas, I'll be glad to contribute them but the system will probably overdo some other things.

I think the most important factor in getting out of the recession actually is just the regenerative capacity of - of American capitalism.