In business, I look for economic castles protected by unreachable moats. - Warren Buffett

Having firstrate people on the team is more important than designing hierarchies and clarifying who reports to whom

Buy a stock the way you would buy a house. Understand and like it such that you’d be content to own it in the absence of any market.

If an investor’s entry point into Berkshire stock is unusually high — at a price, say, approaching double book value, which Berkshire shares have occasionally reached — it may well be many years before the investor can realize a profit. In other words, a sound investment can morph into a rash speculation if it is bought at an elevated price. Berkshire is not exempt from this truth.