My job is essentially just corralling more and more and more facts and information, and occasionally seeing whether that leads to some action.

Charlie [Munger] and I are not big fans of resumes. Instead, we focus on brains, passion and integrity.

We have a country where I don't know whether it's a million households a year or more, but good form.

Buy a cross section of American industry, and if a cross section of American industry doesn't work, certainly trying to pick the little beauties here and there isn't going to work either.

Cultivate curiosity and strive to become a little wiser every day.

In the long run managements stressing accounting appearance over economic substance usually achieve little of either.

And people really behaved in a fraudulent way or something, we'll go back and find the culprits later on. But that really isn't the problem we have. I mean that's where it came from, though. We leveraged up and if you have a 20 percent fall in value of a $20 trillion asset, that's $4 trillion. And when $4 trillion lands - losses land in the wrong part of this economy, it can gum up the whole place.