I am not in the business of predicting general stock market of business fluctuations. If you think I can do this, or think it is essential to an investment program, you should not be in the partnership.

If I subscribed to the efficient market theory I would still be delivering papers

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.

The most important quality for an investor is temperament, not intellect. You need a temperament that neither derives great pleasure from being with the crowd or against the crowd.

All there is to investing is picking good stocks at good times and staying with them as long as they remain good companies.

If at first you do succeed, quit trying on investing.

The greatest Enemies of the Equity investor are Expenses and Emotions.