Failure comes from ego, greed, envy, fear, imitation. I have success not because I am smart, but because I am rational.

Of our 49 billion, we haven't moved any to Bitcoin

We also believe candour benefits us as managers. The CEO who misleads often in public eventually misleads himself in private.

You could take all the gold that's ever been mined, and it would fill a cube 67 feet in each direction. For what that's worth at current gold prices, you could buy all -- not some -- all of the farmland in the United States. Plus, you could buy 10 Exxon Mobils, plus have $1 trillion of walking-around money. Or you could have a big cube of metal. Which would you take? Which is going to produce more value?

You shouldn't own common stocks if a 50 per cent decrease in their value in a short period of time would cause you acute distress.

A fool and his money are soon invited everywhere.

We make investment decisions based on our evaluation of the most profitable combination of probabilities.