I just think that - when a country needs more income and we do, we're only taking in 15 percent of GDP, I mean, that - that - when a country needs more income, they should get it from the people that have it.
We will continue to ignore political and economic forecasts, which are an expensive distraction for many investors and
businessmen. Thirty years ago, no one could have foreseen the huge expansion of the Vietnam War, wage and price controls, two oil shocks, the resignation of a president, the dissolution of the Soviet Union, a one-day drop in the Dow of 508 points, or treasury bill yields fluctuating between 2.8% and 17.4%.
The best business returns are usually achieved by companies that are doing something quite similar today to what they were doing five or ten years ago.
When you get to my age, you’ll measure your success in life by how many of the people you want to have love you actually do love you. That’s the ultimate test of how you’ve lived your life.
The truth is that I've got all my net worth safely in Berkshire and I will never sell a share so there is no one more concerned about what happens after my death than I am.
Just look at that Forbes 400. Takes a billion three to get on the Forbes 400 this year. And the aggregate wealth is just staggering. And those people are paying less percentage of their total income to the federal government than their receptionists are. [...] I'll bet a million dollars against any member of the Forbes 400 who challenges - me that the average for the Forbes 400 will be less than the average of their receptionists.
The market system rewards me outlandishly for what I do, but that doesn't mean I'm any more deserving of a good life than a teacher or a doctor or someone who fights in Afghanistan.
The financial calculus that Charlie and I employ would never permit our trading a good night's sleep for a shot at a few extra percentage points of return. I've never believed in risking what my friends and family have and need in order to pursue what they don't have and don't need.
A market downturn, doesn't bother us. For us and our long term investors, it is an opportunity to increase our ownership of great companies with great management at good prices. Only for short term investors and market timers is a correction not an opportunity.
We try to buy businesses with good-to-superb underlying economics run by honest and able people and buy them at sensible prices. That's all I'm trying to do.
A home is one of the most important assets that most people will ever buy. Homes are also where memories are made and you want to work with someone you can trust.
I think you should read everything you can. In my case, by the age of 10, I'd read every book in the Omaha public library about investing, some twice.
You need to fill your mind with various competing thoughts and decide which make sense.
If you do smart things and use leverage and do one wrong thing along the way, it could wipe you out, because anything times zero is zero. But it's reinforcing when the people around you are doing it successfully, you're doing it successfully, and it's a lot like Cinderella at the ball.