《Letter-1992》: 1. We’ve long felt that the only value of stock forecasters is to make fortune tellers look good. Even now, Charlie and I continue to believe that short-term market forecasts are poison and should be kept locked up in the safe place, away from children and also from grown-ups who believe in the market like children. （1989年的Letter写到：We have no ability to forecast the economics of the investment banking business, the airline industry, or the paper industry.）
2. We not only accept this volatility but welcome it: A tolerance for short-term swings improve our long-term prospects. In baseball lingo, our performance yardstick is slugging percentage, not batting average. （让我想起了1990年的Letter中写的: Charlie and I always have preferred a lumpy 15% return to a smooth 12%.）
3. I missed Berkshire and am delighted to be back full-time. There is no job in the world that is more fun than running Berkshire and I count myself lucky to be where I am. （Salomon事件之后）
4. “Fanaticism,” says Santyana, “consists of redoubling your effort when you’ve forgotten your aim.” （老巴又写错字了，原句应该是来自哲学家乔治·桑塔耶拿George Santayana: Fanaticism consists in redoubling your effort when you have forgotten your aim. 桑塔耶那的名句有：Excuse me, I have a date with spring!----百度：西班牙出生的哲学家桑塔耶那（George Santayana）长期在哈佛教书，50岁那年的春日，他在教室的讲台上给学生上课时，一只知更鸟飞来，落在窗槛上。他停了下来，注视那只知更鸟良久，若有所思也若有所失，然后回头轻声对台下的学生说出了那句名言：“请允许我告辞，我与阳春有约！（Excuse me, I have a date with spring!）”随即放下讲义，翩然而去，开始了他云游欧洲的大陆之行。）
5. The CEO receives the education but the shareholders pay the tuition. （讽刺CEO们乱收购）
6. Said the pro:“Practice doesn’t make perfect; practice makes permanent.” And thereafter I revised my strategy and tried to buy good businesses at fair prices rather than fair businesses at good prices.
7. ……Most high-return businesses need relatively little capital.
8. Managers thinking about accounting issues should never forget one of Abraham Lincoln’s favorite riddles:”How many legs does a dog have if you call his tail a leg?” The answer:”Four, because calling a tail a leg does not make it a leg.” It behooves managers to remember that Abe’s right if an auditor is willing to certify that the tail is a leg. （又讽刺CEO和会计了）
9. I recall that one woman, upon being asked to describe the perfect spouse, specified an archeologist:”The older I get,”she said, “the more he’ll be interested in me.” 10. This time around, Mrs. B graciously offered to sign a non-compete agreement – and I, having been incautious on this point when she was 89, snapped at the deal. Mrs. B belongs in the Guinness Book of World Records on many counts. Signing a non-compete agreement at 99 merely adds one more. （哈哈，老斗老）