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

The real fortunes in this country have been made by people who have been right about the business they invested in, and not right about the timing of the stock market.

I think what people understand there probably - well, they were hoping the private sector would do it [rescuing AIG ].

The 19th century belonged to England, the 20th century belonged to the U.S., and the 21st century belongs to China. Invest accordingly.

I have pledged - to you, the rating agencies and myself - to always run Berkshire with more than ample cash. We never want to count on the kindness of strangers in order to meet tomorrow's obligations. When forced to choose, I will not trade even a night's sleep for the chance of extra profits.

Intrinsic value can be defined simply: It is the discounted value of the cash that can be taken out of a business during its remaining life.

Interest rates are to asset prices what gravity is to the apple. When there are low interest rates, there is a very low gravitational pull on asset prices.