The Fed is the greatest hedge fund in history.

Larger sums may be an advantage at some cases and a disadvantage at others.

Don't pass up something that's attractive today because you think you will find something way more attractive tomorrow.

I've never been very fully employed either.

The greater the potential for reward in the value portfolio, the less risk there is.

Cash, though, is to a business as oxygen is to an individual: never thought about when it is present, the only thing in mind when it is absent... When bills come due, only cash is legal tender. Don't leave home without it.

I have pledged - to you, the rating agencies and myself - to always run Berkshire with more than ample cash. We never want to count on the kindness of strangers in order to meet tomorrow's obligations. When forced to choose, I will not trade even a night's sleep for the chance of extra profits.