Don’t have time to read 960 pages? Here’s what you need to know.

Shrewd moves and missed opportunities:

"At the end of 1944, Warren filed his first income tax return. He paid only seven dollars in taxes; to get it down to that, he deducted his wristwatch and bicycle as business expenses. He knew that was questionable. But at the time, he was not above cutting a few corners to get where he wanted to go." (p. 83)

“Once, Buffett says, they had even tried to buy a Maryland ‘town’ that the Federal Housing Authority was auctioning off for peanuts: it consisted of the post office, the town hall, and a large number of rental properties that were charging below-market rents. … But even for ‘peanuts’ the town was expensive and they couldn’t get together enough cash.” (pp. 219-220)

“Buffett did have a merry Christmas [in 1987], but for another reason: His present to himself was Coca-Cola. It would make up a great deal of the unhappiness from Salomon. At a White House dinner some time earlier, he had reconnected with his old friend Don Keough, who was now president and chief operating officer of the company; Keough had convinced him to switch from his own concoction of Pepsi dosed with cherry syrup to the newly introduced Cherry Coke. Buffett tried it and liked it.” (p. 551)

Personal philosophy:

“The big question about how people behave is whether they’ve got an Inner Scorecard or an Outer Scorecard. It helps if you can be satisfied with an Inner Scorecard.” (p. 33)