Life is like a snowball. The important thing is finding wet snow and a really long hill.

We don't get paid for being busy, we get paid for being right.

Investing is forgoing consumption now in order to have the ability to consume more at a later date.

Our future rates of gain will fall far short of those achieved in the past. Berkshire's capital base is now simply too large to allow us to earn truly outsized returns. If you believe otherwise, you should consider a career in sales but avoid one in mathematics.

The smartest side to take in a bidding war is the losing side.

If AIG had tried to unwind their derivatives books. I don't know. It would have hit every institution in the world.

A pin lies in wait for every bubble. And when the two eventually meet, a new wave of investors learns some very old lessons: First, many in Wall Street (a community in which quality control is not prized) will sell investors anything they will buy. Second, speculation is most dangerous when it looks easiest.