Buy companies with strong histories of profitability and with a dominant business franchise.

I certainly do believe anyone engaged in the management of money should have a standard of measurement, and that both he and the party whose money is managed should have a clear understanding why it is the appropriate standard, what time period should be utilized, etc.

If you can't read the scoreboard. You don't know the score. If you don't know the score, you can't tell the winners from the losers.

Our approach is very much profiting from lack of change rather than from change.

Buy into a company because you want to own it, not because you want the stock to go up.

I will do anything that is basically covered by the law to reduce Berkshire's tax rate. For example, on wind energy, we get a tax credit if we build a lot of wind farms. That's the only reason to build them. They don't make sense without the tax credit.

It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you'll do things differently.