If you don't know the Jewelry, know the Jeweller

I have pledged - to you, the rating agencies and myself - to always run Berkshire with more than ample cash. We never want to count on the kindness of strangers in order to meet tomorrow's obligations. When forced to choose, I will not trade even a night's sleep for the chance of extra profits.

A bull market is like sex. It feels best just before it ends.

It makes a difference who the treasury secretary is.

Managers that always promise to 'make the numbers' will at some point be tempted to make up the numbers.

I mean you know at midnight everything is going to turn to pumpkins and mice; right? But if the evening goes along, I mean, you know, the guys look better all the time, the music sounds better, it's more and more fun, you think why the hell should I leave at quarter of 12. I'll leave at two minutes to 12. But the trouble is, there are no clocks on the wall. And everybody thinks they're going to leave at two minutes to 12.

A great investment opportunity occurs when a marvelous business encounters a one-time huge, but solvable problem.