The active investors will have their returns diminished by a far greater percentage than will their inactive brethren. That means that the passive group - the "know-nothings" - must win.

We don't get paid for activity, just for being right. As to how long we'll wait, we'll wait indefinitely.

You do not adequately protect yourself by being half awake when other are sleeping.

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

We're perfectly willing to trade away a big payoff for a certain payoff.

A contrarian approach is just as foolish as a follow-the-crowd strategy. What's required is thinking rather than polling.

I have a wonderful family. I have a job that I love and wonderful people who help me with it. It can't get any better than that.