I will do anything that is basically covered by the law to reduce Berkshire's tax rate. For example, on wind energy, we get a tax credit if we build a lot of wind farms. That's the only reason to build them. They don't make sense without the tax credit.

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

If you own the only newspaper in town, up until the last five years or so, you have pricing power and you didn't have to go to the office.

What's nice about investing is you don't have to swing at every pitch.

There's no use running if you're on the wrong road.

Anything can happen anytime in markets. And no advisor, economist, or TV commentator-and definitely not Charlie nor I-can tell you when chaos will occur. Market forecasters will fill your ear but will never fill your wallet.

Take Wrigley's Chewing Gum. I don't think the Internet is going to change how people chew gum.