The happiest people do not necessarily have the best things. They simply appreciate the things they have. - Warren Buffett

Our stay-put behavior reflects our view that the stock market serves as a relocation center at which money is moved from the active to the patient.

We tend to let our many subsidiaries operate on their own, without our supervising and monitoring them to any degree. That means we are sometimes late in spotting management problems and that both operating and capital decisions are occasionally made with which Charlie and I would have disagreed had we been consulted. Most of our managers, however, use the independence we grant them magnificently, rewarding our confidence by maintaining an owner-oriented attitude that is invaluable and too seldom found in huge organizations. We would rather suffer the visible costs of a few bad decisions than incur the many invisible costs that come from decisions made too slowly — or not at all — because of a stifling bureaucracy.

Rule No. 1 : Never lose money. Rule No. 2 : Never forget Rule No. 1.