In the great majority of cases we simply do not know enough about the industry or company to come to sensible judgments-in that situation we pass.

No formula in finance tells you that the moat is 28 feet wide and 16 feet deep. That's what drives the academics crazy. They can compute standard deviations and betas, but they can't understand moats.

Fund consultants like to require style boxes such as "long-short," "macro," "international equities." At Berkshire our only style box is "smart."

I did not think I would see the day when, you know, an AIG would not be able to have its checks clear.

It's the deleveraging that's going on right now that has caused the credit crisis.

I tell college students, when you get to be my age you will be successful if the people who you hope to have love you, do love you.

I think that actually people in my situation should be paying more tax.