If some institution wants to sell you a billion dollars worth of mortgages, they might have to sell 100 million in the market, and then you'll buy the other 900 million on the same terms. Now, the very fact that this has been authorized or will be authorized, I hope, will firm up the market to some degree. And that's fine. But you don't want to have artificial prices being paid.

I think that actually people in my situation should be paying more tax.

Emotional makeup is more important than technical skill

We look for things I can understand. A lot of businesses I don't understand.

... but the important thing is that when you do find one where you really do know what you are doing, you must buy in quantity.... Charlie and I have made a dozen or so very big decisions relative to net worth, although not as big as they should have been. And in each of those, we've known that we were almost certain to be right going in.

The advice "you never go broke taking a profit" is foolish.

I'd rather have a $10 million business making 15 per cent than a $100 million business making 5 per cent.