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.

A single year's performance is of minor importance and, good or bad, should never be taken seriously.

When Berkshire buys common stock, we approach the transaction as if we were buying into a private business.

You've got the right - you've got a wonderful person with Sheila Bair, most of the viewers have never heard of Sheila Bair. [She] has taken eight percent of the deposits in the United States and seamlessly moved those over to sound institutions which in turn have gotten more capital, ended up, it's been a magnificent job.She'll never get a golden parachute or any severance pay or anything. She's done a great job. We've got some great public servants. We have I think the right people in there to get the job done, and then they need more tools.

The key to success is emotional stability.

Why not invest your assets in the companies you really like? As Mae West said, 'Too much of a good thing can be wonderful'.

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