Gold is a way of going long on fear, and it has been a pretty good way of going long on fear from time to time. But you really have to hope people become more afraid in a year or two years than they are now. And if they become more afraid you make money, if they become less afraid you lose money, but the gold itself doesn’t produce anything.

Diversification may preserve wealth, but concentration builds wealth.

We always live in an uncertain world. What is certain is that the United States will go forward over time.

Only when you combine sound intellect with emotional discipline do you get rational behavior.

It’s not that I want money. It’s the fun of making money and watching it grow.

When Berkshire buys common stock, we approach the transaction as if we were buying into a private business.

The best way in my view is to just buy a low-cost index fund and keep buying it regularly over time, because you'll be buying into a wonderful industry, which in effect is all of American industry... People ought to sit back and relax and keep accumulating over time.