Risk Is A Part Of God's Game,

Does The Business Have A Consistent Operating History?

I Try To Buy Stock In Businesses That Are So Wonderful That An Idiot Can Run Them. Because Sooner Or Later, One Will.

It's Not Debt Per Say That Overwhelms An Individual Corporation Or Country. Rather It Is A Continuous Increase In Debt In Relation To Income That Causes Trouble.

Our Approach Is Very Much Profiting From Lack Of Change Rather Than From Change. With Wrigley Chewing Gum, It's The Lack Of Change That Appeals To Me. I Don't Think It Is Going To Be Hurt By The Internet. That's The Kind Of Business I Like.

Charlie And I Decided Long Ago That In An Investment Lifetime, It's Too Hard To Make Hundreds Of Smart Decisions. That Judgment Became Ever More Compelling As Berkshire's Capital Mushroomed And The Universe Of Investments That Could Significantly Affect Our Results Shrank Dramatically. Therefore, We Adopted A Strategy That Required Our Being Smart And Not Too Smart At That, Only A Very Few Times. Indeed, We Now Settle For One Good Idea A Year.