Our stay-put behavior reflects our view that the stock market serves as a relocation center at which money is moved from the active to the patient.
Lethargy, bordering on sloth should remain the cornerstone of an investment style.
We all make mistakes. If you can't make mistakes, you can't make decisions. I've made a lot bigger mistakes myself.
Bad terminology is the enemy of good thinking.
When investing, pessimism is your friend, euphoria the enemy.
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.