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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.

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'd be a fool or a deluded idealist to think ethics would be prominent on Wall Street. That is not a statement against people in the money business, just a fact.

One should not treat investors or a person who has set up an industry and is a successful businessman as criminals in this country. I am fully aware that everybody has a right to succeed, and success should be with ethics.

I've come to learn that my initial investment is more about the person versus the product that I am buying into. I've also learned that I really do enjoy giving worthy people an opportunity of a lifetime.

I think good private equity investors create a lot more economic value than they destroy.

My shareholders expect me to make the most profit. That's the ugly, dirty truth.

Legitimate profit is good. What's bad is profiteering.

Don't be seduced into thinking that that which does not make a profit is without value.

Isn't it ironic that pay, perks, and benefits all cost your company at the bottom line, but authentic recognition, especially when it's most unexpected, costs very little and gives the most impressive return on investment?