Does The Business Have Favourable Long Term

I Bought A Company In The Mid-90s Called Dexter Shoe And Paid $400 Million For It. And It Went To Zero. And I Gave About $400 Million Worth Of Berkshire Stock, Which Is Probably Now Worth $400 Billion. But I've Made Lots Of Dumb Decisions. That's Part Of The Game.

The American Economy Is Going To Do Fine. But It Won't Do Fine Every Year And Every Week And Every Month. I Mean, If You Don't Believe That, Forget About Buying Stocks Anyway... It's A Positive-sum Game, Long Term. And The Only Way An Investor Can Get Killed Is By High Fees Or By Trying To Outsmart The Market.

Stop Trying To Predict The Direction Of The Stock Market, The Economy Or Elections.

When You're Associating With The People That You Love, Doing What You Love, It Doesn't Get Any Better Than That.

I'll Tell You Why I Like The Cigarette Business. It Cost A Penny To Make. Sell It For A Dollar. It's Addictive. And There's A Fantastic Brand Loyalty.