You get what I call the natural progression, the three Is. The innovators, the imitators, and the idiots.
Diversification may preserve wealth, but concentration builds wealth.
We like to buy businesses, but we don't like to sell them.
We would do best in a market where everyone acted foolishly.
If you've been playing poker for half an hour and you still don't know who the patsy is, you're the patsy.
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.