I don't know that I could draw one that's perfect. But I'd rather by approximately right than precisely wrong, and it would be precisely wrong to turn it down.

As far as you are concerned, the stock market does not exist. Ignore it.

Diversification may preserve wealth, but concentration builds wealth.

People will always try to stop you from doing the right thing if it is unconventional.

It is easier to rationalize than it is to be rational.

After 25 years of buying and supervising a great variety of businesses, Charlie [Munger] and I have not learned how to solve difficult business problems. What we have learned is to avoid them. To the extent we have been successful, it is because we have concentrated on identifying one-foot hurdles that we could step over rather than because we acquired any ability to clear seven-footers.

If you can eliminate the government as a 39.6% partner, then you will be much better off.