Our goal is to find an outstanding business at a sensible price, not a mediocre business at a bargain price.

The fundamental basis of above-average performance in the long run is sustainable competitive advantage.

The ideal business is one that earns very high returns on capital and that keeps using lots of capital at those high returns. That becomes a compounding machine.

It's a nightmare to administer some of this sort of thing, but I want to tell the shareholders of Berkshire, to the percent we own marketable securities or things for which there are market, even if those markets - I want to tell them what it's all about.

To be successful, you should concentrate on the world of companies, not arcane accounting mathematics.

Paradoxically, when 'dumb' money acknowledges its limitations, it ceases to be dumb.

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.