I Never Invest In Anything That I

Only When The Tide Goes Out Do You Discover Who's Been Swimming Naked.

How Do You Beat Bobby Fischer? You Play Him At Any Game But Chess. I Try To Stay In Games Where I Have An Edge.

Buy A Business, Don't Rent Stocks.

The American Economy Is Going To Do Fine. But It Won't Do Fine Every Year And Every Week And Every Month. I Mean, If You Don't Believe That, Forget About Buying Stocks Anyway... It's A Positive-sum Game, Long Term. And The Only Way An Investor Can Get Killed Is By High Fees Or By Trying To Outsmart The Market.

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.