You Need A Lot Of Curiosity For

I'd Rather Have A $10 Million Business Making 15 Per Cent Than A $100 Million Business Making 5 Per Cent.

[w]e Think The Very Term 'value Investing' Is Redundant. What Is 'investing' If It Is Not The Act Of Seeking Value At Least Sufficient To Justify The Amount Paid? Consciously Paying More For A Stock Than Its Calculated Value -- In The Hope That It Can Soon Be Sold For A Still-higher Price -- Should Be Labeled Speculation (which Is Neither Illegal, Immoral Nor -- In Our View -- Financially Fattening).

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.

Every Day That Goes By, I Mean, If You Don't React To Pearl Harbor For A Week Or Two Weeks Or Three Weeks, You're Behind In The War That You Otherwise Would Have Fought.

In The Financial Markets I Find It Easy To Predict What Will Happen And Very Difficult To Predict When It Will Happen. I Think That Things Were Clear During The Bubble As To What Would Happen Eventually.