"After all, you only find out who is swimming naked when the tide goes out."
When we own portions of outstanding businesses with outstanding managements, our favorite holding period is forever."
"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."
"Time is the friend of the wonderful business, the enemy of the mediocre."
"The best thing that happens to us is when a great company gets into temporary trouble...We want to buy them when they're on the operating table."
"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."
