I learned to go into business only with people whom I like, trust, and admire.

The most important thing in terms of your circle of competence is not how large the area of it is, but how well you've defined the perimeter.

Our approach is very much profiting from lack of change rather than from change. With Wrigley chewing gum, it's the lack of change that appeals to me. I don't think it is going to be hurt by the Internet. That's the kind of business I like.

I was lucky to have the right heroes. Tell me who your heroes are and I'll tell you how you'll turn out to be. The qualities of the one you admire are the traits that you, with a little practice, can make your own, and that, if practiced, will become habit forming.

I insist on a lot of time being spent, almost every day, to just sit and think. That is very uncommon in American business.

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

When Berkshire Hathaway laid out three billion dollars for GE today, we didn't spend it, we invested it. When the Federal government buys the mortgages, they're not spending it, they're investing it. Now, they're investing it in distress type assets but they're buying them at distress prices if they buy them at market. It's the kind of stuff I love to do. I just don't have 700 million. Maybe we could go in it together.