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“It's really hard to design products by focus groups. A lot of times, people don't know what they want until you show it to them. As Henry Ford said many years earlier: "If I had listened to my customers, I would have built a faster horse." Inventions in general express Shannon entropy. They come from the supply side.”

“The only people who are afraid of file sharing are the people whose albums are so dull presentation-wise that nobody cares about owning the actual finished product, and the people who have so little connection to their listeners that said listeners have no reason to care whether the artists they like are getting reimbursed for their efforts.”

“I've been wearing hearing aids for a long time. The technology available now is simply unbelievable. When I compare the new digital products to what we had 30 years ago, it's an amazing difference.... There was a time when I couldn't hear what most people said to me, most of the time. But with the hearing aids, I understand just about everything ... it really is very impressive.”

“Good will, that curious product of consciousness, of leisure and energy to spare and share. That thing we put out against the forces of interest. That extra thing. Religions and nations and political parties have taken it and used it as coinage, have said you must only give it in exchange for value.”

“Research is an organized method of trying to find out what you are going to do after you cannot do what you are doing now. It may also be said to be the method of keeping a customer reasonably dissatisfied with what he has. That means constant improvement and change so that the customer will be stimulated to desire the new product enough to buy it to replace the one he has.”

“The fact that used cars is our largest category is a good example. We would not have sat in a conference room and said, "Hey, how about used cars?" So what can be learned that is extensible to other companies is to ask what are your customers doing with your products that maybe you didn't anticipate that they would do? How do you think of your customers as your research and development lab, as opposed to having an R&D lab at headquarters?”

“H. L. Mencken once said that nobody ever went broke underestimating the taste of the American public. That is not true. I have come to believe that it pays to make all your layouts project a feeling of good taste, provided that you do it unobtrusively. An ugly layout suggests an ugly product. There are very few products which do not benefit from being given a first class ticket through life.”

“The business of proving evolution has reached a stage when it is futile for biologists to work merely to discover more and more evidence of evolution. Those who choose to believe that God created every biological species separately in the state we observe them, but made them in a way calculated to lead us to the conclusion that they are the products of an evolutionary development are obviously not open to argument. All that can be said is that their belief is an implicit blasphemy, for it imputes to God an appalling deviousness.”

“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."”

“In many ways, Apple CEO Tim Cook has been saying that and more for many years. He's said you don't have to choose between doing good and doing well. But only a few dozen people were lined up outside the Apple Store in San Francisco. That's nothing compared to the hundreds and thousands that line up for new products. Cook is taking a gamble here.”

“Highly unequal societies are morally defective because they get to be that way through the exploitation by the clever and well-positioned ones of the vulnerabilities and weaknesses of others. The well-off then use their acquired political power to refuse to make sacrifices for others. This system brings us a wonderful range of products and experiences for consumers at the top of the privilege scale, but it also degrades and benumbs the workers at the lower end, as Adam Smith and Marx both said.”