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

Generally, we have translated greater output in the few hours of work per week over the last century. And that's a good trend of the future. But we do have to have a system that, as output of goods and services keeps increasing per capita, that it takes care of the people who are willing to work and really are not getting by very well with a family on a 40-hour week.

A pin lies in wait for every bubble and when the two eventually meet, a new wave of investors learns some very old lessons.

Knowing what to leave out is just as important as knowing what to focus on.

They [Goverment] take from the woman who comes in and takes the wastebaskets out.

Look at market fluctuations as your friend rather than your enemy; profit from folly rather than participate in it.

People will always try to stop you from doing the right thing if it is unconventional.