University of Berkshire Hathaway: 30 Years of Lessons Learned from Warren Buffett & Charlie Munger at the Annual Shareholders Meeting

by Daniel Pecaut

At the very least, we will certainly have fewer excuses for our mistakes.

It is far more fruitful to decide whether a product can sustain itself than make economic predictions.

Buffett explained that buying a business is much like buying a bond with no maturity and with a blank coupon. You must write in the coupon, and the accuracy of that coupon is the essence of intelligent investing.

“the failure rate of all great civilizations is 100%.”

“you cannot get rich with a weathervane.”

sales will go to a name people trust, such as Tiffany’s

“When they were talking, they were lying, and when they were silent, they were stealing.”

“There are more banks than bankers.”

property casualty reinsurance business over five years.

corporate governance golden rule where they treat subsidiaries as they would want to be treated.