'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't stand applying pencil to paper, you'd better think it through some more. And if you can't write an intelligent answer to those questions, don't do it.'

'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 …

'I really like my life. I've arranged my life so that I can do what I want.'

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