The thing to do is to keep your mind when the world around you is losing theirs.

The single most important decision in evaluating a business is pricing power.

Knowing the edge of your competency is important. If you think you know more than you do, you will get in trouble.

I mean, we'll be pounding on the guy's chest, you know, on the floor, and you know, he's not going to just jump up all of a sudden. So it makes it tough. I mean, it's tough to be in the legislature, you know, and vote for something and then people say, well, you voted all this money and you know, it's all getting spent. It isn't getting spent. It's getting invested. But it's all getting spent. Nothing's happening.

We only want to link up with people whom we like, admire, and trust. ... We do not wish to join with managers who lack admirable qualities, no matter how attractive the prospects of their business. We've never succeeded in making a good deal with a bad person.

When asked how he became so successful in investing, Buffett answered: 'we read hundreds and hundreds of annual reports every year.

I've never been very fully employed either.