Look at market fluctuations as your friend rather than your enemy; profit from folly rather than participate in it.

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

I don't look to jump over 7-foot bars: I look around for 1-foot bars that I can step over.

Would you rather be the world's greatest lover, but have everyone think you're the world's worst lover? Or would you rather be the world's worst lover but have everyone think you're the world's greatest lover? Now, that's an interesting question.

A market downturn, doesn't bother us. For us and our long term investors, it is an opportunity to increase our ownership of great companies with great management at good prices. Only for short term investors and market timers is a correction not an opportunity.

In a commodity business, it's very hard to be smarter than your dumbest competitor.

This economy doesn't work well without the lubrication of credit and trust.