'An irresistable footnote: in 1971, pension fund managers invested a record 122% of net funds available in equities - at full prices they couldn't buy enough of them. In 1974, after the bottom had fallen out, they committed a then record low of 21% to stocks.'- 1978 Chairman's Letter to Shareholders

'First, many in Wall Street - a community in which quality control is not prized - will sell investors anything they will buy.' - 2000 Letter to Shareholders

'When returns on capital are ordinary, an earn-more-by-putting-up-more record is no great managerial achievement. You can get the same result personally while …

And if expenses shouldn't go into the calculation of earnings, where in the world should they go?'