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

You can't stand to see your neighbor getting rich. You know you're smarter than he is and he's doing these things and he's getting rich.

Writing a check separates a commitment from a conversation.

In a commodity business, it's very hard to be smarter than your dumbest competitor.

It's not debt per say that overwhelms an individual corporation or country. Rather it is a continuous increase in debt in relation to income that causes trouble.

I have pledged - to you, the rating agencies and myself - to always run Berkshire with more than ample cash. We never want to count on the kindness of strangers in order to meet tomorrow's obligations. When forced to choose, I will not trade even a night's sleep for the chance of extra profits.

You get in a lot of trouble when you start putting fictitious numbers.