I've often felt there might be more to be gained by studying business failures than business successes.

AIG would be doing fine today. It was one of the ten largest companies in the United States in terms of market value, over 200 billion, the most respected insurer and everything in the world.

The important thing is to keep playing, to play against weak opponents and to play for big stakes.

Wide diversification is only required when investors do not understand what they are doing.

I have pledged - to you, the rating agencies and myself - to always run Berkshire with more than ample cash. We never want to count on the kindness of strangers in order to meet tomorrow's obligations. When forced to choose, I will not trade even a night's sleep for the chance of extra profits.

What the human being is best at doing is interpreting all new information so that their prior conclusions remain intact.

The first rule is not to lose. The second rule is not to forget the first rule.