I have put both my foot and my money in my mouth. I went on investment "tilt" and ended up being the patsy at the poker table. I should have taken my own advice when I said that "it takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you'll do things differently."


-- Warren E. Buffett is the chief executive of Berkshire Hathaway, a diversified holding company.

-- Douglas A. Kass is President of Seabreeze Partners Management, Inc. the General Partner of Seabreeze Partners Short LP and Seabreeze Partners Long/Short LP.

Doug Kass writes daily for RealMoney Silver , a premium bundle service from TheStreet.com. For a free trial to RealMoney Silver and exclusive access to Mr. Kass's daily trading diary, please click here.


Know What You Own: Other financial sector stocks in the Berkshire Hathaway portfolio include M&T Bank (MTB), Torchmark (TMK) and SunTrust Banks (STI). For more on the value of knowing what you own, visit TheStreet.com's Investing A-to-Z section.


How you can survive -- and even prosper -- in a rocky midyear market? Get the "best ideas to make real money" from Jim Cramer, Doug Kass, Helene Meisler and other RealMoney experts at our May 2 Investment Conference. Learn more here.
At the time of publication, Kass and/or his funds were long American Express and Wells Fargo, although holdings can change at any time.

Doug Kass is founder and president of Seabreeze Partners Management, Inc., and the general partner and investment manager of Seabreeze Partners Short LP and Seabreeze Partners Long/Short LP.

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