If you don't know jewelry, know the jeweler.

If you're extremely rich, and you have got children, my theory was, you give them enough so they can do anything, but not enough so they can do nothing.

Time is the friend of the wonderful company, the enemy of the mediocre.

I certainly do believe anyone engaged in the management of money should have a standard of measurement, and that both he and the party whose money is managed should have a clear understanding why it is the appropriate standard, what time period should be utilized, etc.

Would your reply possibly be this? Well, it all depends on what my tax rate will be on the gain you're saying we're going to make. If the taxes are too high, I would rather leave the money in my savings account, earning a quarter of 1 percent. Only in Grover Norquist's imagination does such a response exist.

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

The first rule is not to lose. The second rule is not to forget the first rule.