I just don't see anything available that gives any reasonable hope of delivering such a good year and I have no desire to grope around, hoping to 'get lucky' with other people's money. I am not attuned to this market environment, and I don't want to spoil a decent record by trying to play a game I don't understand just so I can go out a hero.

If horses had controlled investment decisions, there would have been no auto industry.

The stock market is a no-called-strike game. You don’t have to swing at everything – you can wait for your pitch.

When investing, pessimism is your friend, euphoria the enemy.

Our future rates of gain will fall far short of those achieved in the past. Berkshire's capital base is now simply too large to allow us to earn truly outsized returns. If you believe otherwise, you should consider a career in sales but avoid one in mathematics.

If you're extremely rich, and you have got children, my theory was, you give them enough so they can do anything, but not enough so they can do nothing.

My wealth has come from a combination of living in America, some lucky genes, and compound interest.