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"At Berkshire we've done better than average. Why has that happened? The answer is pretty simple. We tried to do less. Big investment managers think if they study a million things, they can know a million things. Of course, the result is almost nobody can outperform an index"
"If you don't know what you're doing, and you want the standard result and not be embarrassed, why of course you can widely diversify. Nobody's entitled to a lot of money for recognizing that, because it's a truism. It's like knowing that two and two equals four."
"The whole trick of the game is to have a few times when you know something is better than average, and invest only where you have extra knowledge. If you get just a few opportunities, that's enough. What the hell do you care, you own three securities and JP Morgan owns 100?"
