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“For example: (1) As if governed by Newton's First Law of Motion, an institution will resist any change in its current direction; (2) Just as work expands to fill available time, corporate projects or acquisitions will materialize to soak up available funds; (3) Any business craving of the leader, however foolish, will be quickly supported by detailed rate-of-return and strategic studies prepared by his troops; and (4) The behavior of peer companies, whether they are expanding, acquiring, setting executive compensation or whatever, will be mindlessly imitated.”

“This decade is strewn with examples of bright people who thought they built a better mousetrap that could consistently extract abnormal returns from the financial markets. Some succeed for a time. But while there may occasionally be mis-configurations among market prices that allow abnormal returns, they do not persist.”

“Today, we know that time travel need not be confined to myths, science fiction, Hollywood movies, or even speculation by theoretical physicists. Time travel is possible. For example, an object traveling at high speeds ages more slowly than a stationary object. This means that if you were to travel into outer space and return, moving close to light speed, you could travel thousands of years into the Earth's future.”

“It would be much better if I could only stop thinking. Thoughts are the dullest things. Duller than flesh. They stretch out and there's no end to them and they leave a funny taste in the mouth. Then there are words, inside the thoughts, unfinished words, a sketchy sentence which constantly returns...It goes, it goes ... and there's no end to it. It's worse than the rest because I feel responsible and have complicity in it. For example, this sort of painful rumination: I exist, I am the one who keeps it up. I.”

“I think "Avatar" is kind of a unique category where people are enjoying the unique theatrical experience even though they may have seen it on the small screen. They want to have that immersive, transportive experience. "2001: A Space Odyssey" played for three years at the Loews cinema in Toronto. I remember that. It just kept playing. People wanted to return to that experience. That may not be the best example because I think "2001" took 25 years to break even.”

“After my return to England it appeared to me that by following the example of Lyell in Geology, and by collecting all facts which bore in any way on the variation of animals and plants under domestication and nature, some light might perhaps be thrown on the whole subject.”

“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.”

“Now the Japanese companies are more focused on that. To have two independent directors - I think it's good to have outside people look at you and think of what you could be doing better. Those are voluntary, but most of the companies told me they're going to do it. And I think it's good for them to say our returns on equity, for example, should be higher. Also, I think some could be more ambitious.”

“What we require is not a formal return to tradition and religion, but a rereading, a reinterpretation, of our history that can illuminate the present and pave the way to a better future. For example, if we delve more deeply into ancient Egyptian and African civilisations we will discover the humanistic elements that were prevalent in many areas of life. Women enjoyed a high status and rights, which they later lost when class patriarchal society became the prevalent social system.”