“The First Rule Is Not To Lose.

Our Investments Continue To Be Few In Number And Simple In Concept: The Truly Big Investment Idea Can Usually Be Explained In A Short Paragraph. We Like A Business With Enduring Competitive Advantages That Is Run By Able And Owner-oriented People. When These Attributes Exist, And When We Can Make Purchases At Sensible Prices, It Is Hard To Go Wrong (a Challenge We Periodically Manage To Overcome).

“In Our View, Derivatives Are Financial Weapons Of Mass Destruction Carrying Dangers That, While Latent, Are Potentially Lethal.”

“We’ve Used Up A Lot Of Bullets. And We Talk About Stimulus. But The Truth Is, We’re Running A Federal Deficit That’s 9 Percent Of GDP. That Is Stimulative As All Get Out. It’s More Stimulative Than Any Policy We’ve Followed Since World War II.”

“It Takes 20 Years To Build A Reputation And Five Minutes To Ruin It. If You Think About That You’ll Do Things Differently.”

I Believe The Chance Of Any Event Causing Berkshire To Experience Financial Problems Is Essentially Zero. We Will Always Be Prepared For The Thousand-year Flood; In Fact, If It Occurswe Will Be Selling Life Jackets To The Unprepared.