If a business does well, the stock eventually follows.

I mean the truth is, I've never had it so good in terms of taxes. I am paying the lowest tax rate that I've ever paid in my life.

We do not view the company itself as the ultimate owner of our business assets but instead view the company as a conduit through which our shareholders own assets.

It is to our advantage to have securities do nothing price-wise for months, or perhaps years, while we are buying them.

Energy deregulation will be the largest transfer of wealth in history.

When Berkshire buys common stock, we approach the transaction as if we were buying into a private business.

The most common cause of low prices is pessimism - sometimes pervasive, sometimes specific to a company or industry. We want to do business in such an environment, not because we like pessimism but because we like the prices it produces.