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.

A bull market is like sex. It feels best just before it ends.

We all make mistakes. If you can't make mistakes, you can't make decisions. I've made a lot bigger mistakes myself.

Our future rates of gain will fall far short of those achieved in the past. Berkshire's capital base is now simply too large to allow us to earn truly outsized returns. If you believe otherwise, you should consider a career in sales but avoid one in mathematics.

Our stay-put behavior reflects our view that the stock market serves as a relocation center at which money is moved from the active to the patient.

We will only do with your money what we would do with our own.

To be successful, you should concentrate on the world of companies, not arcane accounting mathematics.