Only when you combine sound intellect with emotional discipline do you get rational behavior.

I do not believe in inheriting your position in society based on which womb you come from... I think a rich person should leave his children enough so they can do anything, but not enough so they can do nothing.

Our goal is to find an outstanding business at a sensible price, not a mediocre business at a bargain price.

The same things happen to quite an extent around the globe. I mean, the European banks were doing what the American banks were.

If you can't read the scoreboard. You don't know the score. If you don't know the score, you can't tell the winners from the losers.

You can't stand to see your neighbor getting rich. You know you're smarter than he is and he's doing these things and he's getting rich.

It's a nightmare to administer some of this sort of thing, but I want to tell the shareholders of Berkshire, to the percent we own marketable securities or things for which there are market, even if those markets - I want to tell them what it's all about.