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.

It's not debt per say that overwhelms an individual corporation or country. Rather it is a continuous increase in debt in relation to income that causes trouble.

I prefer liquor store robbers with hungry kids to companies that locate offshore to avoid U.S. taxes.

The first rule is not to lose. The second rule is not to forget the first rule.

I've already written a section in the annual report for next year explaining why I think in one case that the figures on our balance sheet as calculated are wrong. But it's the standard way of doing it. It's holy writ. The SEC wants us to do it that way, and we'll do it that way, and I'll explain why I think it's wrong and shareholders can read it and see whether they agree with my logic or don't.

The key to life is to figure out who to be the batboy for.

You don't want 300 million Americans putting their money under the mattress.