Key Quotes from 1991 Shareholder Letter

1. "Berkshire is my first love and one that will never fade: At the Harvard Business School last year, a student asked me when I planned to retire and I replied, 'About five to ten years after I die.'"

2. "We got a double-dip benefit, delivered partly by the excellent earnings growth and even more so by the market's reappraisal of these stocks. We believe this reappraisal was warranted. But it can't recur annually: We'll have to settle for a single dip in the future."

3. "When we were working with capital of $20 million, an idea producing $1 million of profit added five percentage points to our return. Now we need a $370 million idea."

4. "Working with people who cause your stomach to churn seems much like marrying for money — probably a bad idea under any circumstances, but absolute madness if you are already rich."

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Source: Full Letter