So if you are evaluating others (or yourself!) in the investment field, think out some standards - apply them - interpret them.

Charlie and I decided long ago that in an investment lifetime, it's too hard to make hundreds of smart decisions. That judgment became ever more compelling as Berkshire's capital mushroomed and the universe of investments that could significantly affect our results shrank dramatically. Therefore, we adopted a strategy that required our being smart and not too smart at that, only a very few times. Indeed, we now settle for one good idea a year.

The best investment you can make, is an investment in yourself... The more you learn, the more you'll earn.

The real fortunes in this country have been made by people who have been right about the business they invested in, and not right about the timing of the stock market.

The best investment you can make is in yourself.

Economic medicine that was previously meted out by the cupful has recently been dispensed by the barrel. These once unthinkable dosages will almost certainly bring on unwelcome after-effects. Their precise nature is anyone's guess, though one likely consequence is an onslaught of inflation.

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