We're Perfectly Willing To Trade Away A

If Horses Had Controlled Investment Decisions, There Would Have Been No Auto Industry.

I Am Out Of Step With Present Conditions. When The Game Is No Longer Played Your Way, It Is Only Human To Say The New Approach Is All Wrong, Bound To Lead To Trouble, And So On. On One Point, However, I Am Clear. I Will Not Abandon A Previous Approach Whose Logic I Understand ( Although I Find It Difficult To Apply ) Even Though It May Mean Foregoing Large, And Apparently Easy, Profits To Embrace An Approach Which I Don't Fully Understand, Have Not Practiced Successfully, And Which Possibly Could Lead To Substantial Permanent Loss Of Capital.

Fund Consultants Like To Require Style Boxes Such As "long-short," "macro," "international Equities." At Berkshire Our Only Style Box Is "smart."

We're Paying Maybe 25 Percent Of The Income Tax, But The Payroll Tax Is Over A Third Of The Receipts Of The Federal Government. And They Don't Take That From Me On Capital Gains. They Don't Take That From Me On Dividends.

There Are Certain Things That Cannot Be Adequately Explained To A Virgin Either By Words Or Pictures.