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 Be… - Warren Buffett

financial markets will become divorced from reality — you can count on that. More Jimmy Lings will appear. They will look and sound authoritative. The press will hang on their every word. Bankers will fight for their business. What they are saying will recently have “worked.” Their early followers will be feeling very clever. Our suggestion: Whatever their line, never forget that 2+2 will always equal 4. And when someone tells you how old-fashioned that math is — -zip up your wallet, take a vacation and come back in a few years to buy stocks at cheap prices.

be greedy when others are fearful, and fearful when others are greedy.

Charlie’s dictum: “All I want to know is where I’m going to die so I’ll never go there.