The fact that people will be full of greed, fear, or folly is predictable. The sequence is not predictable.

As far as you are concerned, the stock market does not exist. Ignore it.

Accounting consequences do not influence our operating or capital-allocation decisions. When acquisition costs are similar, we much prefer to purchase $2 of earnings that is not reportable by us under standard accounting principles than to purchase $1 of earnings that is reportable.

When Berkshire buys common stock, we approach the transaction as if we were buying into a private business.

We like to buy businesses, but we don't like to sell them.

You do not adequately protect yourself by being half awake when other are sleeping.

A great investment opportunity occurs when a marvelous business encounters a one-time huge, but solvable problem.

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

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.