When people tell me they've learned from experience, I tell them the trick is to learn from other people's experience.

The dominant factors affecting control valuations are earning power (past and prospective) and asset values.

Let blockheads read what blockheads wrote.

The range of derivatives contracts is limited only by the imagination of man (or sometimes, so it seems, madmen). Say you want to write a contract speculating on the number of twins to be born in Nebraska in 2020. No problem-at a price, you will easily find an obliging counterparty.

When Berkshire buys common stock, we approach the transaction as if we were buying into a private business.

Bull markets and Bear markets can obscure mathematical laws, they cannot repeal them.

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