Managers and investors alike must understand that accounting numbers are the beginning, not the end, of business valuation.

We're paying maybe 25 percent of the income tax, but the payroll tax is over a third of the receipts of the federal government. And they don't take that from me on capital gains. They don't take that from me on dividends.

At Berkshire, I both initiate and monitor every derivatives contract on our books ... If Berkshire ever gets in trouble, it will be my fault. It will not be because of the misjudgments made by a risk committee or chief risk officer.

You don't want 300 million Americans putting their money under the mattress.

Cash never makes us happy, but it's better to have the money burning a hole in Berkshire's pocket than resting comfortably in someone else's.

If you can eliminate the government as a 39.6% partner, then you will be much better off.

Basically, the single-most important decision in evaluating a business is pricing power.