'I never buy anything unless I can fill out on a piece of paper my reasons. I may be wrong, but I would know the answer to that. 'I'm paying $32 billion today for the Coca Cola Company because...' If you can't answer that question, you shouldn't buy it. If you can answer that question, and you do it a few times, you'll make a lot of money.'

When asked how he became so successful in investing, Buffett answered: 'we read hundreds and hundreds of annual reports every year.'

'You ought to be able to explain why you're taking the job you're taking, why you're making the investment you're making, or whatever it may be. And if it can'…

'Of one thing be certain: if a CEO is enthused about a particularly foolish acquisition, both his internal staff and his outside advisors will come up with wha…