Our future rates of gain will fall far short of those achieved in the past. Berkshire's capital base is now simply too large to allow us to earn truly outsized returns. If you believe otherwise, you should consider a career in sales but avoid one in mathematics.

Read 500 pages every day. That's how knowledge works. It builds up like compound interest.

We are in effect making a - to some extent, making a choice between future inflation and getting our - getting off the floor. And we're likely - we're likely to have more inflation in the future as a consequence of the things we do to fight the present situation.

It is unquestionably true that the investment companies have their money more conventionally invested than we do. To many people conventionality is indistinguishable from conservatism. In my view, this represents erroneous thinking. Neither a conventional nor an unconventional approach, per se, is conservative.

Much success can be attributed to inactivity. Most investors cannot resist the temptation to constantly buy and sell.

Observing that the market was FREQUENTLY efficient, EMT Adherents went on to conclude incorrectly that it was ALWAYS efficient. The difference between these propositions is night and day.

As an investor with small capital, one should prefer businesses that have high returns on capital and that require little incremental investment to grow.