Whatever you like to do, make it a hobby and whatever the world likes to do, make it a business.

I bought a company in the mid-90s called Dexter Shoe and paid $400 million for it. And it went to zero. And I gave about $400 million worth of Berkshire stock, which is probably now worth $400 billion. But I've made lots of dumb decisions. That's part of the game.

I think the most important factor in getting out of the recession actually is just the regenerative capacity of - of American capitalism.

The secret to happiness is having low expectations.

Rule No.1: Never lose money. Rule No.2: Never forget rule No.1.

I happen to have a talent for allocating capital. But my ability to use that talent is completely dependent on the society I was born into. If I'd been born into a tribe of hunters, this talent of mine would be pretty worthless. I can't run very fast. I'm not particularly strong. I'd probably end up as some wild animal's dinner.

The plan itself is opportunism. There is no plan before that.