Intensity Is The Price Of Excellence.

We Will Prosper Or Suffer In Controlled Investments In Relation To The Operating Performances Of Our Businesses - We Will Not Attempt To Profit By Playing Various Games In The Securities Markets.

In The Insurance Business, There Is No Statute Of Limitation On Stupidity.

I Know The Country Works Extremely Well. You Know, But When It Isn't Clogged Up.

Stocks Are The Only Thing That People Are Happy To Buy When The Price Goes Up.

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.