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Everyone has the idea of owning good companies. The problem is that they have high prices in relations to assets and earnings, and that takes all of the fun out of the game.

You'll get nowhere buying stocks just because they have a great story.

The people who are buying stocks because they're going up and they don't know what they do deserve to lose money.

I simply can't buy as much of some stocks such as Detection Systems or United Education & Software as I'd like because there just aren't all that many shares available.

I bought a company in the mid-'90s called Dexter Shoe and paid $400 million for it. And it went to zero. And I gave about $400 million worth of Berkshire stock, which is probably now worth $400 billion. But I've made lots of dumb decisions. That's part of the game.

A lot of what I do is running businesses rather than buying stocks. My worst decision is probably when I know I have the wrong chief executive running the business, and I keep on waiting to make the difficult decision of replacing him.

I come from the operations side of the business, and I buy companies to operate them, not to flip them.

Buying only what you know can end in disaster. Just think about Enron's employees and business partners, the 'locals' who bought lots of its stock because they thought they were in the know.

I had a few stocks, but stocks took a dive. I never sell my stocks.