Market price, while used exclusively to value our investments in minority positions, is not a relevant factor when applied to our controlling interests.

Fund consultants like to require style boxes such as "long-short," "macro," "international equities." At Berkshire our only style box is "smart."

I don't try and guess when to get in and out of the market. I have owned stocks consistently since 1942. I owned the - I was buying stocks the day before the election. I was buying the same stocks the day after election. And if Hillary had been elected, it would have been the same thing.

The fact that people will be full of greed, fear, or folly is predictable. The sequence is not predictable.

It's almost impossible to overpay the truly extraordinary CEO... but the species is rare.

If principles can become dated, they're not principles.

When we really sit back with a smile on our face is when we run into a situation we can understand, where the facts are ascertainable and clear, and the course of action obvious.