Fund consultants like to require style boxes such as "long-short," "macro," "international equities." At Berkshire our only style box is "smart."

An investor should act as though he had a lifetime decision card with just twenty punches on it.

When people talk about cash being king, it's not king if it just sits there and never does anything.

As of 1992, in fact-though the picture would have improved since then-the money that had been made since the dawn of aviation by all of this country's airline companies was zero. Absolutely zero.

There are certain things that cannot be adequately explained to a virgin either by words or pictures.

I think the FDIC was one of the great inventions of the American.

It's easy to identify many investment managers with great recent records. But past results, though important, do not suffice when prospective performance is being judged. How the record has been achieved is crucial.