Investment philosophy is the clear understanding that by owning shares of stocks he owns businesses, not pieces of paper.

We've had public companies in the past in that business and they bleed. We've got a lot more blood than they do.

Be fearful when the markets get greedy, be greedy when the markets get fearful.

Chains of habit are too light to be felt until they are too heavy to be broken.

Basically, the single-most important decision in evaluating a business is pricing power.

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.

Uncertainty is the friend of the buyer of long term values.