Key Quotes from 1994 Shareholder Letter

1. "A fat wallet is the enemy of superior investment results. And Berkshire now has a net worth of $11.9 billion compared to about $22 million when Charlie and I began."

2. "My argument is, to be a good hitter, you've got to get a good ball to hit. It's the first rule in the book. If I have to bite at stuff that is out of my happy zone, I'm not a .344 hitter. I might only be a .250 hitter."

3. "We will continue to ignore political and economic forecasts, which are an expensive distraction for many investors."

4. "Fear is the foe of the faddist, but the friend of the fundamentalist."

5. "We will not ask you to invest with us and then put our own money elsewhere."

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Source: Full Letter