If the reason for doing something is that everyone else is doing it, it's not a good enough reason.

You are lucky in life if you have the right heroes. I advise all of you, to the extent you can, to pick out a few heroes

Fund consultants like to require style boxes such as "long-short," "macro," "international equities." At Berkshire our only style box is "smart."

If you've been playing poker for half an hour and you still don't know who the patsy is, you're the patsy.

The .350 hitter expects, and also deserves, a big payoff for his performance - even if he plays for a cellar-dwelling team. And a .150 hitter should get no reward - even if he plays for a pennant winner.

Beware of geeks bearing formulas.

I've never been very fully employed either.