I bought a company in the mid-90s called Dexter Shoe and paid $400 million for it. And it went to zero. And I gave about $400 million worth of Berkshire stock, which is probably now worth $400 billion. But I've made lots of dumb decisions. That's part of the game.

Does the business have favourable long term prospects?

If you want to soar like an eagle in life, you can't be flocking with the turkeys.

If you buy things you do not need, soon you will have to sell things you need.

We really can say no in 10 seconds or so to 90%+ of all the things that come along simply because we have these filters.

If I were the treasury secretary or head of the Fed, you know, I would try to scare the hell the out of the private sector and say, you better save this because you're going down with the ship.

Opportunities come infrequently. When it rains gold, put out the bucket, not the thimble.