Most investors, both institutional and individual, will find that the best way to own common stocks (shares') is through an index fund that charges minimal fees. Those following this path are sure to beat the net results (after fees and expenses) of the great majority of investment professionals.

The stock market is a wonderfully efficient mechanism for transferring wealth from the impatient to the patient.

Only those who will be sellers of equities in the near future should be happy at seeing stocks rise. Prospective purchasers should much prefer sinking prices.

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

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.

The most important investment you can make is in yourself... nobody can tax it or take it away from you.

You are lucky in life if you have the right heroes. I advise all of you, to the extent you can, to pick out a few heroes