Too often, executive compensation in the U.S. is ridiculously out of line with performance. That won't change, moreover, because the deck is stacked against investors when it comes to the CEO's pay.

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

A pack of lemmings looks like a group of rugged individualists compared with Wall Street when it gets a concept in its teeth.

Read 500 pages every day. That's how knowledge works. It builds up like compound interest.

People went crazy with tulip bulbs. They went crazy with the South Sea Bubble, they went crazy internet stocks, they went crazy with the uranium stocks back when I was first getting started.

I find that the standard of living does not go up in proportion with the cost of living. The trick in life is to do things that are fun all the time.

Don't pass up something that's attractive today because you think you will find something way more attractive tomorrow.