Be fearful when the markets get greedy, be greedy when the markets get fearful.

Basically, the single-most important decision in evaluating a business is pricing power.

Life is like a snowball. The important thing is finding wet snow and a really long hill.

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.

We don't read other people's opinions. We want to get the facts, and then think.

Investors making purchases in an overheated market need to recognize that it may often take an extended period for the value of even an outstanding company to catch up with the price they paid.

I mean, you may be very mad at some guy that walked away with a huge golden parachute, but that really isn't the important thing.