We do not have, nor have had, and never will have an opinion about where the stock market, interest rates, or business activity will be a year from now.

Our policy is to concentrate holdings. We try to avoid buying a little of this or that when we are only lukewarm about the business or its price. When we are convinced as to attractiveness, we believe in buying worthwhile amounts.

Buy companies with strong histories of profitability and with a dominant business franchise.

If anything, taxes for the lower and middle class and maybe even the upper-middle class should even probably be cut further. But I think that people at the high end - people like myself - should be paying a lot more in taxes. We have it better than we've ever had it.

Fund consultants like to require style boxes such as "long-short," "macro," "international equities." At Berkshire our only style box is "smart."

Learning how to live is much more important than learning how to make a living.

Never be afraid to ask for too much when selling or offer too little when buying.