“We have tried occasionally to buy toads at bargain prices with results that have been chronicled in past reports. Clearly our kisses fell flat. We have done well with a couple of princes — but they were princes when purchased. At least our kisses didn’t turn them into toads. And, finally, we have occasionally been quite successful in purchasing fractional interests in easily-identifiable princes at toad-like prices.”

1981 Chairman's Letter http://www.berkshirehathaway.com/letters/1981.html
Letters to Shareholders (1957 - 2012)

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Warren Buffett 146
American business magnate, investor, and philanthropist 1930

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