The greater the potential for reward in the value portfolio, the less risk there is.

I think I could make you fifty percent a year on one million dollars. No, I know I could. I guarantee that.

Our future rates of gain will fall far short of those achieved in the past. Berkshire's capital base is now simply too large to allow us to earn truly outsized returns. If you believe otherwise, you should consider a career in sales but avoid one in mathematics.

I mean [Franklin Delano] Roosevelt didn't - you know, when he came in, he didn't print any money.

You do things when the opportunities come along. I've had periods in my life when I've had a bundle of ideas come along, and I've had long dry spells. If I get an idea next week, I'll do something. If not, I won't do a damn thing.

If you owe money, you can't pay them out. You just pay for everything, you do smart things, you eventually get very rich.

... but the important thing is that when you do find one where you really do know what you are doing, you must buy in quantity.... Charlie and I have made a dozen or so very big decisions relative to net worth, although not as big as they should have been. And in each of those, we've known that we were almost certain to be right going in.