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.

There is no question we have an access stock.

All there is to investing is picking good stocks at good times and staying with them as long as they remain good companies.

Do what you love and work for whom you admire the most, and you've given yourself the best chance in life you can.

It's easier to create money than to spend it.

I have pledged - to you, the rating agencies and myself - to always run Berkshire with more than ample cash. We never want to count on the kindness of strangers in order to meet tomorrow's obligations. When forced to choose, I will not trade even a night's sleep for the chance of extra profits.

If you are a professional and have confidence, then I would advocate lots of concentration.