We're paying maybe 25 percent of the income tax, but the payroll tax is over a third of the receipts of the federal government. And they don't take that from me on capital gains. They don't take that from me on dividends.

If you cannot control your emotions, you cannot control your money.

It's a nightmare to administer some of this sort of thing, but I want to tell the shareholders of Berkshire, to the percent we own marketable securities or things for which there are market, even if those markets - I want to tell them what it's all about.

Investing is laying out money now to get more money back in the future.

Growth and value investing are joined at the hip.

In investing, just as in baseball, to put runs on the scoreboard, one must watch the playing field, not the scoreboard.

We do not view the company itself as the ultimate owner of our business assets but instead view the company as a conduit through which our shareholders own assets.