Stay liquid
"We will never become dependent on the kindness of strangers. We will always arrange our affairs so that any requirements for cash we may conceivably have will be dwarfed by our own liquidity. Moreover, that liquidity will be constantly refreshed by a gusher of earnings from our many and diverse businesses."

Buy when everyone else is selling
"We've put a lot of money to work during the chaos of the last two years. It's been an ideal period for investors: A climate of fear is their best friend.... Big opportunities come infrequently. When it's raining gold, reach for a bucket, not a thimble."

Don't buy when everyone else is buying
"Those who invest only when commentators are upbeat end up paying a heavy price for meaningless reassurance. The obvious corollary is to be patient. You can only buy when everyone else is selling if you have held your fire when everyone was buying."

Value, value, value
"In the end, what counts in investing is what you pay for a business -- through the purchase of a small piece of it in the stock market -- and what that business earns in the succeeding decade or two."

Don't get suckered by big growth stories
Buffett further reminded investors that he and Berkshire's Vice Chairman, Charlie Munger, "avoid businesses whose futures we can't evaluate, no matter how exciting their products may be."

Most investors who bet on the auto industry in 1910, planes in 1930 or TV makers in 1950 ended up losing their shirts, even though the products really did change the world. "Dramatic growth" doesn't always lead to high profit margins and returns on capital.

Understand what you own
"Investors, who buy and sell based upon media or analyst commentary are not for us.

"We want partners, who join us at Berkshire because they wish to make a long-term investment in a business they themselves understand and because it's one that follows policies with which they concur."

Defense beats offense
"Though we have lagged the S&P in some years that were positive for the market, we have consistently done better than the S&P in the 11 years during which it delivered negative results. In other words, our defense has been better than our offense, and that's likely to continue."

Hard work
All hard work bring a profit, but mere talk leads only to poverty.

Laziness
A sleeping lobster is carried away by the water current.

Earnings
Never depend on a single source of income. (At least make your Investments get you second earning)

Spending
If you buy things you don't need, you'll soon sell things you need.

Savings
Don't save what is left after spending; Spend what is left after saving.

Borrowings
The borrower becomes the lender's slave.

Accounting
It's no use carrying an umbrella, if your shoes are leaking.

Auditing
Beware of little expenses; A small leak can sink a large ship.

Risk-taking
Never test the depth of the river with both feet.(Have an alternate plan ready)

Investment
Don't put all your eggs in one basket.