Uncertainty is the friend of the buyer of long term values.

I just think that - when a country needs more income and we do, we're only taking in 15 percent of GDP, I mean, that - that - when a country needs more income, they should get it from the people that have it.

If you understood a business perfectly and the future of the business, you need very little in the way of a margin of safety.

I made my first investment at age eleven. I was wasting my life up until then.

When Berkshire buys common stock, we approach the transaction as if we were buying into a private business.

The most important investment you can make is in yourself. Very few people get anything like their potential horsepower translated into the actual horsepower of their output in life. Potential exceeds realization for many people...The best asset is your own self. You can become to an enormous degree the person you want to be.

In other words, the percentage change in book value in any given year is likely to be reasonably close to that year's change in intrinsic value.