Instead, he takes those coupons from his low-return bond and — if inclined to reinvest — looks for the highest return with safety currently available… - Warren Buffett

At Berkshire, full reporting means giving you the information that we would wish you to give to us if our positions were reversed.

What you should probably ask yourself is that who do you feel that you'd want to start spending the last day of your life with? And then figure out a way to start meeting them, or tomorrow, and meet them as often as you can, because why wait a little last day and don't bother with the others?

As practiced, diversification makes very little sense for anyone that knows what they’re doing. Diversification is a protection against ignorance. If you want to make sure nothing bad happens to you relative to the market, sure you should diversify. There's nothing necessarily wrong with that...but in our view, true diversification is simply a confession that you do not truly understand the businesses that you own. If you find just 3 wonderful businesses in your lifetime, you'll get very rich.