"Management's objective is to achieve a return on capital over the long term which averages somewhat higher than that of American industry generally — while utilizing sound accounting and debt policies."

"I make no attempt to forecast the general market — my efforts are devoted to finding undervalued securities. However, I do believe that widespread public belief in the Inevitability of profits from investments in stocks will lead to eventual trouble. Should this occur, prices, but not intrinsic values in my opinion, of even undervalued securities can be expected to be substantially affected."

"Our performance, relatively, is likely to be better in a bear market than in a bull market ... in a year when the general market had a substantial advance, I would be well satisfied to match the advance of the averages."

"Can you really explain to a fish what it's like to walk on land? One day on land is worth a thousand years of talking about it, and one day running a business has exactly the same kind of value."

"My old boss, Ben Graham, told me very early on you get more trouble with a good idea than a bad idea, because the good idea works. I mean, it's a good idea to buy a home, for example. And then people go crazy sometimes. The good idea works, and it works, and it works. Stocks work out better than bonds most of the time. And, after a while, people forget that there were some other limiting conditions. With Edgar Lawrence Smith's book, it was that when bonds yield the same as stocks — which was the case then — the stocks are going to outperform because they have this retained earnings. So stocks started going up in the Twenties and all of a sudden they were selling at 5 or 6 times the prices as when they bought the book. And the original correct perception on his part had experienced changing conditions, but people ... got their confirmation through stock prices. That's what happens in bull markets. People start out thinking stocks are cheap, and then they start thinking stocks have gone up. And, a stock can be a good buy or a bad buy. A bond can be a good buy or a bad buy. It depends on price."

"I have been on twenty public company corporate boards, not counting any Berkshire subsidiaries. ... The independent directors, in many cases, are the least independent. ... If the income you receive as a corporate director ... is an important part of your income ... how in the world is that independent?"

"Best's enemy is Good."

"Management is doing things right; leadership is doing the right things."

"We are not human beings having a spiritual experience; we are spiritual beings having a human experience."

"Retire from your job but never from meaningful projects. If you want to live a long life, you need eustress, that is, a deep sense of meaning and contribution to worthy projects and causes, particularly your intergenerational family."

"Our capacity for production and enjoyment is a function, in the last analysis, of our character, our integrity."

"Because of the space between stimulus and response, people have the power of choice; therefore, leaders are neither born nor made — meaning environmentally trained and nurtured. They are self-made through chosen responses, and if they choose based on principles and develop increasingly greater discipline, their freedom to choose increases."

"We are product of neither nature nor nurture; we are a product of choice, because there is always a space between stimulus and response. As we wisely exercise our power to choose based on principles, the space will become larger."

"Spiritual Intelligence represents our drive for meaning and connection with the infinite."

"Values are social norms — they're personal, emotional, subjective, and arguable. All of us have values. Even criminals have values. The question you must ask yourself is, Are your values based upon principles? In the last analysis, principles are natural laws — they're impersonal, factual, objective and self-evident. Consequences are governed by principles and behavior is governed by values; therefore, value principles!"

"Principles are universal — that is, they transcend culture and geography. They're also timeless, they never change — principles such as fairness, kindness, respect, honesty, integrity, service, contribution. Different cultures may translate these principles into different practices and over time may even totally obscure these principles through the wrongful use of freedom. Nevertheless, they are present. Like the law of gravity, they operate constantly."

"Change happens at the speed of trust. (cf. The SPEED of Trust, 2008)"

"There will be real happiness, peace of mind and balance, when living by heart and right-mindedly."

"\textstyle\frac{3}{4} of world problems and bewilderment would be lost if we understood our opponents."

"Our choices make the legacy to our children."

"Wisdom is synergy of mind and heart."

"Often we are so busy with sawing that we forget to sharpen the saw.."

"No gardener, no garden!"

"Until you live, learn how to live."

"Our life is result of our choices."

"Instead of looking at fragments, try to see the whole picture."

"Make your life work instead of making life full of work."

"Trust is the glue that holds everything together. It creates the environment in which all of the other elements — win-win stewardship agreements, self-directing individuals and teams, aligned structures and systems, and accountability — can flourish."

"THE MOMENT OF CHOICE A moment of choice is a moment of truth. It's the testing point of our character and competence."

"Integrity in the Moment of Choice Quality of life depends on what happens in the space between stimulus and response."

"It's not enough to have values without vision; you want to be good, but you want to be good for something. On the other hand, vision without values can create a Hitler. An empowering mission statement deals with both character and competence; what you want to be and what you want to do in your life."

"We present a dramatically different approach to time management. This is a principle-centered approach. It transcends the traditional prescriptions of faster, harder, smarter, and more. Rather than offering you another clock, this approach provides you with a compass — because more important than how fast you're going, is where you're headed."

"Let natural consequences teach responsible behavior. One of the kindest things we can do is to let the natural or logical consequences of people's actions teach them responsible behavior. They may not like it or us, but popularity is a fickle standard by which to measure character development. Insisting on justice demands more true love, not less. We care enough for their growth and security to suffer their displeasure."

"Prepare your mind and heart before you prepare your speech. What we say may be less important than how we say it."

"Give no answer to contentious arguments or irresponsible accusations. Let such things "fly out open windows" until they spend themselves."

"Live the law of love. We encourage obedience to the laws of life when we live the laws of love."

"Unless we exercise our power to choose wisely, our actions will be determined by conditions. Our ultimate freedom is the right and power to decide how anybody or anything outside ourselves will affect us."

"Perform anonymous service. Whenever we do good for others anonymously, our sense of intrinsic worth and self-respect increases. … Selfless service has always been one of the most powerful methods of influence."

"The power to distinguish between person and performance and to communicate intrinsic worth flows naturally out of our own sense of intrinsic worth."

"In the last analysis, what we are communicates far more eloquently than anything we say or do."

"Most people do not listen with the intent to understand; they listen with the intent to reply."

"The key is not to prioritize what's on your schedule, but to schedule your priorities."

"Management is efficiency in climbing the ladder of success; leadership determines whether the ladder is leaning against the right wall."

"Self growth is tender; it's holy ground. There's no higher investment."

"...when you get a good night's sleep and wake up ready to produce throughout the day."

"Remember, to learn and not to do is really not to learn. To know and not to do is really not to know."

"Courage is not the absence of fear but the awareness that something else is more important."

"Effective leadership is putting first things first. Effective management is discipline, carrying it out."

"We don't invent our missions, we detect them."

"Live out of your imagination, not your history."