My friends and I have been coddled long enough by a billionaire-friendly Congress.

Cash never makes us happy, but it's better to have the money burning a hole in Berkshire's pocket than resting comfortably in someone else's.

As far as you are concerned, the stock market does not exist. Ignore it.

In that, we agreed with Andrew Carnegie, who said that huge fortunes that flow in large part from society should in large part be returned to society. In my case, the ability to allocate capital would have had little utility unless I lived in a rich, populous country in which enormous quantities of marketable securities were traded and were sometimes ridiculously mispriced. And fortunately for me, that describes the U.S. in the second half of the last century.

It's a lot easier to buy things than it is to sell them.

Mr. Market is your servant, not your guide.

We make investment decisions based on our evaluation of the most profitable combination of probabilities.