You Can Lose Leverage, And It's The

We Do Not Have, Nor Have Had, And Never Will Have An Opinion About Where The Stock Market, Interest Rates, Or Business Activity Will Be A Year From Now.

I Put Heavy Weight On Certainty. It's Not Risky To Buy Securities At A Fraction Of What They're Worth.

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

It Is Madness To Risk Losing What You Need In Pursuing What You Simply Desire.

If Past History Was All There Was To The Game, The Richest People Would Be Librarians.