Do not put all your eggs in one basket.

The managers at fault periodically report on the lesson they have learned from the latest disappointment. They then usually seek out future lessons.

When you're associating with the people that you love, doing what you love, it doesn't get any better than that.

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.

Risk comes from not knowing what you're doing.

I buy expensive suits - they just look cheap on me.

The true investor welcomes volatility ... a wildly fluctuating market means that irrationally low prices will periodically be attached to solid businesses.