Of the billionaires I have known, money just brings out the basic traits in them. If they were jerks before they had money, they are simply jerks with a billion dollars.

Our investments continue to be few in number and simple in concept: The truly big investment idea can usually be explained in a short paragraph. We like a business with enduring competitive advantages that is run by able and owner-oriented people. When these attributes exist, and when we can make purchases at sensible prices, it is hard to go wrong (a challenge we periodically manage to overcome).

Risk comes from not knowing what you're doing.

I want to be able to explain my mistakes. This means I do only the things I completely understand.

A diamond cannot be polished without friction, nor a person perfected without trials. Someone is enjoying shade today because someone planted a tree a long time ago.

If AIG had tried to unwind their derivatives books. I don't know. It would have hit every institution in the world.

One’s objective should be to get it right, get it quick, get it out and get it over. Your problem won’t improve with age.