If You Don't Make Mistakes You Can't

The (stock) Market Is There Only As A Reference Point To See If Anybody Is Offering To Do Anything Foolish. When We Invest In Stocks, We Invest In Businesses.

For Some Reason, People Take Their Cues From Price Action Rather Than From Values. What Doesn't Work Is When You Start Doing Things That You Don't Understand Or Because They Worked Last Week For Somebody Else. The Dumbest Reason In The World To Buy A Stock Is Because It's Going Up.

The Three Most Important Words In Investing...margin Of Safety.

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.

I Like To Go For Cinches. I Like To Shoot Fish In A Barrel. But I Like To Do It After The Water Has Run Out.