I Don't Measure My Life By The

The Worst Sort Of Business Is One That Grows Rapidly, Requires Significant Capital To Engender The Growth, And Then Earns Little Or No Money. Think Airlines. Here A Durable Competitive Advantage Has Proven Elusive Ever Since The Days Of The Wright Brothers. Indeed, If A Farsighted Capitalist Had Been Present At Kitty Hawk, He Would Have Done His Successors A Huge Favor By Shooting Orville Down.

“The Noah Rule: Predicting Rain Doesn’t Count; Building Arks Does.”

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

Never Depend On Single Income. Make Investment To Create A Second Source.

I Always Invest In Companies An Idiot Could Run, Because One Day One Will.