If You Invested In A Very Low

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.

There Are All Kinds Of Businesses That Charlie And I Don't Understand, But That Doesn't Cause Us To Stay Up At Night. It Just Means We Go On To The Next One, And That's What The Individual Investor Should Do.

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.

Calculate "owner Earnings" To Get A True Reflection Of Value.

Yeah, We Don't Consider Many Stupid Things. I Mean, We Get Rid Of 'em Fast...just Getting Rid Of The Nonsense -- Just Figuring Out That If People Call You And Say, 'i've Got This Great, Wonderful Idea', You Don't Spend 10 Minutes Once You Know In The First Sentence That It Isn't A Great, Wonderful Idea...don't Be Polite And Go Through The Whole Process.