Truly conservative actions arise from intelligent hypotheses, correct facts and sound reasoning.

When we went crazy, and we did go crazy on residential real estate, it set things in motion that just - the dominoes started toppling.

I would say that life at 84, I am having as much fun as I've ever had in my life. I mean I get to do what I love every day with the people I love-and it just doesn't get any better than that.

Working with people who cause your stomach to churn seems much like marrying for money - probably a bad idea under any circumstances, but absolute madness if you are already rich.

We enjoy the process far more than the proceeds.

When asked how he became so successful in investing, Buffett answered: 'we read hundreds and hundreds of annual reports every year.

The line separating investment and speculation, which is never bright and clear, becomes blurred still further when most market participants have recently enjoyed triumphs. Nothing sedates rationality like large doses of effortless money. After a heady experience of that kind, normally sensible people drift into behavior akin to that of Cinderella at the ball.