A very rich person should leave his kids enough to do anything, but not enough to do nothing.

Success is having people love you that you want to have love you.

The commission of the investment sins listed above is not limited to 'the little guy.' Huge institutional investors, viewed as a group, have long underperformed the unsophisticated index-fund investor who simply sits tight for decades. A major reason has been fees: Many institutions pay substantial sums to consultants who, in turn, recommend high-fee managers. And that is a fool's game.

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.

Look at market fluctuations as your friend rather than your enemy; profit from folly rather than participate in it.

I tell college students, when you get to be my age you will be successful if the people who you hope to have love you, do love you.

There is no substitute for a local newspaper that is doing its job.