We've long felt that the only value of stock forecasters is to make fortune tellers look good. Even now, Charlie and I continue to believe that short-term market forecasts are poison and should be kept locked up in a safe place, away from children and also from grown-ups who behave in the market like children.

Beware of geeks bearing formulas.

It's better to hang out with people better than you. Pick out associates whose behavior is better than yours and you'll drift in that direction.

As of 1992, in fact-though the picture would have improved since then-the money that had been made since the dawn of aviation by all of this country's airline companies was zero. Absolutely zero.

When Berkshire buys common stock, we approach the transaction as if we were buying into a private business.

Credit worthiness is like virginity, it can be preserved but not restored very easily, so it is crazy to play around with it.

Why not invest your assets in the companies you really like? As Mae West said, 'Too much of a good thing can be wonderful'.