Our approach is very much profiting from lack of change rather than from change. With Wrigley chewing gum, it's the lack of change that appeals to me. I don't think it is going to be hurt by the Internet. That's the kind of business I like.

The most important thing in terms of your circle of competence is not how large the area of it is, but how well you've defined the perimeter.

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

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.

A pin lies in wait for every bubble. And when the two eventually meet, a new wave of investors learns some very old lessons: First, many in Wall Street (a community in which quality control is not prized) will sell investors anything they will buy. Second, speculation is most dangerous when it looks easiest.

In a commodity business, it's very hard to be smarter than your dumbest competitor.

Investing in yourself is the best thing you can do. If you've got talents, no one can take them from you.