When it's raining gold, reach for a bucket, not a thimble.

There's no use running if you're on the wrong road.

What the wise do in the beginning, fools do in the end.

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.

As an investor with small capital, one should prefer businesses that have high returns on capital and that require little incremental investment to grow.

Market prices for stocks fluctuate at great amplitudes around intrinsic value but, over the long term, intrinsic value is virtually always reflected at some point in market price.

Larger sums may be an advantage at some cases and a disadvantage at others.