The Important Thing Is To

An Investor Needs To Do Very Few Things Right As Long As He Or She Avoids Big Mistakes.

It's Going To Be Tough Because The Economy Is Going To Be Getting Worse For A While. And It Might Fall Off A Cliff If This Doesn't Pass. But Nobody Will Ever Know That If It Does.

I Have Pledged - To You, The Rating Agencies And Myself - To Always Run Berkshire With More Than Ample Cash. We Never Want To Count On The Kindness Of Strangers In Order To Meet Tomorrow's Obligations. When Forced To Choose, I Will Not Trade Even A Night's Sleep For The Chance Of Extra Profits.

After 25 Years Of Buying And Supervising A Great Variety Of Businesses, Charlie [munger] And I Have Not Learned How To Solve Difficult Business Problems. What We Have Learned Is To Avoid Them. To The Extent We Have Been Successful, It Is Because We Have Concentrated On Identifying One-foot Hurdles That We Could Step Over Rather Than Because We Acquired Any Ability To Clear Seven-footers.

We Always Live In An Uncertain World. What Is Certain Is That The United States Will Go Forward Over Time.