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

I think the most important factor in getting out of the recession actually is just the regenerative capacity of - of American capitalism.

Our system works. Over time, people will live better and better. We have a system that unleashes human potential, and now China has a system that unleashes human potential. We will have interruptions. We overshoot and undershoot sometimes, but your kids and grandkids will live better than you. Over time, we move ahead at a pretty damn rapid rate.

We will reject interesting opportunities rather than over-leverage our balance sheet.

If you were at Lehman, the same thing happened. If you were at AIG, the shareholders are getting creamed on these things. And those shareholders are not just a bunch of big shots in Wall Street. Those are pension funds, and those are investors all over the country. I wouldn't worry too much about that. Justice won't be perfect on it.

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

During inflation, Goodwill is the gift that keeps on giving.