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.

A pack of lemmings looks like a group of rugged individualists compared with Wall Street when it gets a concept in its teeth.

In economics, you always want to ask 'And then what?'

I think it will get moving faster. I mean once you get it off the - once credit flows - now the recession is going to get worse.

Every day that goes by, I mean, if you don't react to Pearl Harbor for a week or two weeks or three weeks, you're behind in the war that you otherwise would have fought.

We do not have, nor have had, and never will have an opinion about where the stock market, interest rates, or business activity will be a year from now.

After 25 years of buying and supervising a great variety of businesses, Charlie [Munger] and I have not learned how to solve difficult business problems. What we have learned is to avoid them. To the extent we have been successful, it is because we have concentrated on identifying one-foot hurdles that we could step over rather than because we acquired any ability to clear seven-footers.