The best thing I did was choose the right heroes.

I bought a company in the mid-90s called Dexter Shoe and paid $400 million for it. And it went to zero. And I gave about $400 million worth of Berkshire stock, which is probably now worth $400 billion. But I've made lots of dumb decisions. That's part of the game.

You will be right, over the course of many transactions, if your hypotheses are correct, your facts are correct, and your reasoning is correct. True conservatism is only possible through knowledge and reason.

Stocks of companies selling commodity-like products should come with a warning label: "Competition may prove hazardous to human wealth".

If you’re in the luckiest one per cent of humanity, you owe it to the rest of humanity to think about the other 99 per cent.

The best asset is your own self. You can become to an enormous degree the person you want to be

I happen to have a talent for allocating capital. But my ability to use that talent is completely dependent on the society I was born into. If I'd been born into a tribe of hunters, this talent of mine would be pretty worthless. I can't run very fast. I'm not particularly strong. I'd probably end up as some wild animal's dinner.