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“Our government is the potent, the omnipresent teacher. For good or for ill it teaches the whole people by example. Crime is contagious. If the government becomes a lawbreaker, it breeds contempt for law; it invites every man to become a law unto himself; it invites anarchy. To declare that in the administration of the criminal law the end justifies the means - to declare that the Government may commit crimes in order to secure the conviction of a private criminal - would bring terrible retributions.”

“Suicide is not to fear death, but yet to be afraid of life. It is a brave act of valour to contemn death; but when life is more terrible than death, it is then the truest valour to dare to live; and herein religion hath taught us a noble example, for all the valiant acts of Curtius, Scarvola, or Codrus, do not parallel or match that one of Job.”

“We regard using [a stock's] volatility as a measure of risk is nuts. Risk to us is 1) the risk of permanent loss of capital, or 2) the risk of inadequate return. Some great businesses have very volatile returns - for example, See's [a candy company owned by Berkshire] usually loses money in two quarters of each year - and some terrible businesses can have steady results.”

“The great lesson in microeconomics is to discriminate between when technology is going to help you and when it's going to kill you. And most people do not get this straight in their heads. But a fellow like Buffett does. For example, when we were in the textile business, which is a terrible commodity business, we were making low-end textiles-which are a real commodity product. And one day, the people came to Warren and said, "They've invented a new loom that we think will do twice as much work as our old ones."”

“Emmies, for example, most of that's bullshit. Oscars are even worse. We have a strange, terrible affliction in this town. Everybody walks around bent-backed from slapping each other on the backs so much. It looks like arthritis but it isn't. It's hunger for recognition. And it's sort of like, well, I'll scratch you this time if you'll scratch me next time. That kind of thing.”