We would do best in a market where everyone acted foolishly.

I would say the most satisfying thing actually is watching my three children each pick up on their own interests and work many more hours per week than most people that have jobs at trying to intelligently give away that money in fields that they particularly care about.

Anything can happen in stock markets and you ought to conduct your affairs so that if the most extraordinary events happen, that you're still around to play the next day.

Making money isn't the backbone of our guiding purpose; it is the by-product of our guiding purpose.

The three most important words in investing...Margin of Safety.

We can afford to lose money - even a lot of money. But we can't afford to lose reputation - even a shred of reputation.

At Berkshire, I both initiate and monitor every derivatives contract on our books ... If Berkshire ever gets in trouble, it will be my fault. It will not be because of the misjudgments made by a risk committee or chief risk officer.