Never invest in a business you can't understand

Take the job you would take if you were independently wealthy. You're going to do well at it.

Occasionally, a man must rise above principles.

Does management resist the institutional imperative?

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

I would push purchasing power - you push out $1,000 of purchasing to those people, it's going to get - it's going to get spent. And it needs to be spent. They need it. And it should come, to some extent, from guys like me.

A low-cost index fund is the most sensible equity investment for the great majority of investors. My mentor, Ben Graham, took this position many years ago, and everything I have seen since convinces me of its truth.