I'd rather have a $10 million business making 15 per cent than a $100 million business making 5 per cent.

The greater the potential for reward in the value portfolio, the less risk there is.

We have a country where I don't know whether it's a million households a year or more, but good form.

Just imagine living on 21,000 a year. I mean you have 20 percent of the population doing that. So you don't have to worry about guys like me.

There are three kinds of people: 1. Innovators. 2. Imitators. 3. Idiots.

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.

The ideal business is one that earns very high returns on capital and that keeps using lots of capital at those high returns. That becomes a compounding machine.