Tap Dancing to Work: Warren Buffett on Practically Everything, 1966-2013

by Carol J. Loomis

But, at the source, peacetime inflation is a political problem, not an economic problem. Human behavior, not monetary behavior, is the key.

The propensity to gamble is always increased by a large prize vs. a small entry fee, no matter how poor the true odds may be.

There is a right-size staff for any operation, he thinks, whether business is good or bad, and he is totally impatient with unnecessary costs and managers who allow them to materialize.

“There’s never just one cockroach in the kitchen,” Buffett said.

“The best time to buy assets may be when it is hardest to raise money.”

Time is the friend of the wonderful business, the enemy of the mediocre.