... but the important thing is that when you do find one where you really do know what you are doing, you must buy in quantity.... Charlie and I have made a dozen or so very big decisions relative to net worth, although not as big as they should have been. And in each of those, we've known that we were almost certain to be right going in.

If you owe money, you can't pay them out. You just pay for everything, you do smart things, you eventually get very rich.

Don't settle for anything other than your passion - if you're lucky enough to find it.

The critical investment factor is determining the intrinsic value of a business and paying a fair or bargain price.

I bought a company in the mid-90s called Dexter Shoe and paid $400 million for it. And it went to zero. And I gave about $400 million worth of Berkshire stock, which is probably now worth $400 billion. But I've made lots of dumb decisions. That's part of the game.

When we went crazy, and we did go crazy on residential real estate, it set things in motion that just - the dominoes started toppling.

The trick is, when there is nothing to do, do nothing.