The rest of the world really likes our stuff pretty well. It's just we buy so damn much of what they produce.

Continually challenge and be willing to amend your best loved ideas.

I bought a company in the mid-90s called Dexter Shoe and paid $400 million for it. And it went to zero. And I gave about $400 million worth of Berkshire stock, which is probably now worth $400 billion. But I've made lots of dumb decisions. That's part of the game.

Observing that the market was FREQUENTLY efficient, EMT Adherents went on to conclude incorrectly that it was ALWAYS efficient. The difference between these propositions is night and day.

People always should know better. People don't get - they don't get smarter about things that get as basic as greed.

Benign neglect, bordering on sloth, remains the hallmark of our investment process.

The (stock) market is there only as a reference point to see if anybody is offering to do anything foolish. When we invest in stocks, we invest in businesses.