We don’t have to be smarter than the rest. We have to be more disciplined than the rest. - Warren Buffett

If our noneconomic values were to be lost, much of Berkshire’s economic value would collapse as well. “Tone at the top” will be key to maintaining Berkshire’s special culture.

Loss of focus is what most worries Charlie and me when we contemplate investing in businesses that in general look outstanding. All too often, we’ve seen value stagnate in the presence of hubris or of boredom that caused the attention of managers to wander.

If you can't communicate, it's like winking at a girl in the dark.