Although we deal with probabilities and expectations, the actual results can deviate substantially from such expectations, particularly on a short-term basis.

I believe the chance of any event causing Berkshire to experience financial problems is essentially zero. We will always be prepared for the thousand-year flood; in fact, if it occurswe will be selling life jackets to the unprepared.

What could be more advantageous in an intellectual contest - whether it be chess, bridge, or stock selection - than to have opponents who have been taught that thinking is a waste of energy?

It's the deleveraging that's going on right now that has caused the credit crisis.

Someone is sitting in the shade today because someone planted a tree a long time ago.

I think the most important factor in getting out of the recession actually is just the regenerative capacity of - of American capitalism.

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.