"In fiscal year 2020, the US federal government ran a deficit of $3.1 trillion, which was more than triple the deficit of 2019. The 2020 deficit amounted to 15.2% of GDP — the greatest deficit as a share of the US economy since 1945. And central banks have accommodated this by massively expanding the money supply. Consider that, in 2007, the Federal Reserve balance sheet was less than $1 trillion. By the time the global financial crisis was over, at the end of 2009, the Fed's balance sheet had more than doubled to $2.2 trillion. Over the course of 2020, the Federal Reserve balance sheet surged once more, rising from $4.3 trillion to $7.2 trillion. In the financial history of the world, this is unprecedented."
"despite being a fiscal conservative and a monetary hawk, I wholeheartedly agree with these actions. Tight money and a lack of fiscal stimulus would surely have led to a 1930s-style depression."
"...nobody — absolutely nobody — knows how things will play out from here, or what the consequences of this fiscal largesse will be."
"I want to ensure that no event, conceivable or inconceivable, can derail the patient and steady accumulation of wealth and financial security for my family and yours."
"The vast majority [of people] will want to congregate in places where a nexus of services and activities already exist. Real estate professionals call this a process of densification...this should lead to a growing and, in some locations, an exponential demand for land...this sort of deep inevitability is what I'm looking for in all of our investments."
"When it comes to protecting people's right to long-term ownership of economically attractive assets, the world's capitalist social democracies are much more likely to stand the test of time."
"Evidence shows that, if we trim our long-term compounders, it hurts our long-term returns."
"CEOs like Reed Hastings don't get lucky by chance...[good behaviors] add up to an extraordinary personal moat."
"Warren himself has said that he might have been a manual laborer if he had been born in a different time and place."
"...if we make honesty our practice, we are setting ourselves in alignment with reality — even in we don't know exactly what reality is...honesty is the best tool if my goal is truly to build a resilient future for Aquamarine, something that will stand the test of time...some readers would prefer some reassuring veneer of authority and wisdom. But a small percentage of investors will be drawn to unvarnished candor. If you're one of them, welcome. I think we can do great things together."
"I've increasingly come to believe that sustainability should also be a central consideration when it comes to selecting stocks."
"When a company's mission is not in the best interests of the society it serves, it is, in a way, setting itself against that society."
"Businesses can be more than just a player on the field. Businesses can shape the field or move the goalposts."
"In our own small way, I'd like to think that we are also building businesses, creating an environment in which some of the world's best companies can flourish. In doing so, I hope that we can help all of the stakeholders to build better lives and a better future. Ultimately, I also hope that the businesses we invest in will feel proud to include us among their investors."
"I always take great delight in the fact that your family and my family are on the same side, and that I'm only compensated if I perform well on your behalf."