Activity Is The Enemy Of Investment Returns.

The Rest Of The World Really Likes Our Stuff Pretty Well. It's Just We Buy So Damn Much Of What They Produce.

Two Rules: 1. Preserve The Principal 2. When In Doubt, See Rule #1.

The Value Of A Business Is The Cash It's Going To Produce In The Future.

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.

To Be Successful, You Should Concentrate On The World Of Companies, Not Arcane Accounting Mathematics.