Of all our activities at Berkshire, the most exhilarating for Charlie Munger and me is the acquisition of a business with excellent economic...

Warren Buffett has said that Wall Street is a little like a movie theater that has a special rule where if you want to leave the theater you need to...

You have to have the knowledge to enable you to make a very general estimate about the value of the underlying business. But you do not cut it close....

Imagine for a moment that you are a spectator at the race between the tortoise and the hare and that you have placed a wager on the tortoise. As the...

Why potential buyers even look at projections prepared by sellers baffles me. Charlie and I never give them a glance, but instead keep in mind the...

An investor in a panicky market faces the same predicament as a moviegoer in a crowded theater after somebody shouts 'Fire!' Staying put is the...

I'd compare stock pickers to astrologers, but I don't want to bad-mouth the astrologers. (Stated by a leading efficient market theorist)

Investing is not like Olympic diving where if you can do a very difficult dive, the payoff is greater - if you do it well - than if you do some very...

In the short run, the market is a voting machine. In the long run, it's a weighing machine.

A bear in a bull market is like a prohibitionist at a cocktail party. At first, some people take his admonitions to heart and sip soda water. But as...