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

Tell me your heroes and I'll tell you how your life will end up

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

There are a few investment managers, of course, who are very good - though in the short run, it's difficult to determine whether a great record is due to luck or talent. Most advisors, however, are far better at generating high fees than they are at generating high returns. In truth, their core competence is salesmanship. Rather than listen to their siren songs, investors - large and small - should instead read Jack Bogle's The Little Book of Common Sense Investing.

So some guy may know how to make money in cocoa beans, but I don't so I just let him have that. But it's got to be something I understand. It's got to be a business with fundamentally good economics. It's got to be a management that I like and trust and admire. And it's got to be a price that makes sense.

My idea of a group decision is to look in the mirror.

It is more important to say "no" to an opportunity, than to say "yes".