For some reason people take their cues from price action rather than from values. Price is what you pay. Value is what you get.

In my opinion, the entire field of investment management, involving hundreds of billions of dollars, would be more satisfactorily conducted if everyone had a good yardstick for measurement of ability and sensibly applied it.

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

Market price, while used exclusively to value our investments in minority positions, is not a relevant factor when applied to our controlling interests.

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.

Too often, a vast collection of possessions ends up possessing its owner. The asset I most value, aside from health, is interesting, diverse, and long-standing friends.

A single year's performance is of minor importance and, good or bad, should never be taken seriously.