We want to use cash. The reason we haven't used our cash two years ago, we just didn't find things that were that attractive. But when people talk about cash being king, it's not king if it just sits there and never does anything. There are times when cash buys more than other times, and this is one of the other times when it buys a fair amount more, so we use it.

I made my first investment at age eleven. I was wasting my life up until then.

I think that trying to invest through 535 people is a tough job, you know, and so I would give more latitude.

Our future rates of gain will fall far short of those achieved in the past. Berkshire's capital base is now simply too large to allow us to earn truly outsized returns. If you believe otherwise, you should consider a career in sales but avoid one in mathematics.

Derivatives are financial weapons of mass destruction.

Over the years, a number of very smart people have learned the hard way that a long string of impressive numbers multiplied by a single zero always equals zero.

Life is like a snowball. The important thing is finding wet snow and a really long hill.