At Berkshire, I both initiate and monitor every derivatives contract on our books ... If Berkshire ever gets in trouble, it will be my fault. It will not be because of the misjudgments made by a risk committee or chief risk officer.

Wide diversification is only required when investors do not understand what they are doing.

We intend to continue our practice of working only with people whom we like and admire. This policy not only maximizes our chances for good results, it also ensures us an extraordinarily good time.

Investing is laying out money now to get more money back in the future.

Investment decision should be made on the basis of the most probable compounding of after-tax net worth with minimum risk.

An investor will succeed by coupling good business judgment with an ability to insulate his thoughts and behavior from the super-contagious emotions that swirl about the marketplace.

Occasionally, a man must rise above principles.