After 25 years of buying and supervising a great variety of businesses, Charlie [Munger] and I have not learned how to solve difficult business problems. What we have learned is to avoid them. To the extent we have been successful, it is because we have concentrated on identifying one-foot hurdles that we could step over rather than because we acquired any ability to clear seven-footers.

Sound investing can make you very wealthy if you're not in too big a hurry

I like to go for cinches. I like to shoot fish in a barrel. But I like to do it after the water has run out.

I think the Congress will do the right thing. I think that they've - you know, they got into certain arguments and they start worrying about assessing blame, and there is a little demagoguery, but in the end, something this important, they'll do the right thing. So this really is an economic Pearl Harbor. That sounds melodramatic, but I've never used that phrase before. And this really is one.

Nothing sedates rationality like large doses of effortless money.

Having first rate people on the team is more important than designing hierarchies and clarifying who reports to whom.

The single most important decision in evaluating a business is pricing power.