With housing it's something even more dramatic than that, because most people aspire to own their own home.If you really think that houses prices are going to go up next year and the year after, you feel if I don't buy it this year, I'm going to have to buy it next year.That's not true of an Internet stock. But it's true of a home.

Our marketable equities tell us by their operating results - not by their daily, or even yearly, price quotations - whether our investments are successful. The market may ignore business success for a while, but eventually will confirm it.

He must never forget Charlie's plea: Tell me where I'm going to die, so I'll never go there.

If horses had controlled investment decisions, there would have been no auto industry.

There seems to be some perverse human characteristic that likes to make easy things difficult.

I mean, in terms of alternatives, some people have suggested for example that why don't we - why isn't America doing what Berkshire Hathaway is doing? Why isn't that a better deal for America?

There is nothing like writing to force you to think and get your thoughts straight.