Honesty Is A Very Expensive Gift

This remark is widely attributed to Buffett and appears in The Tao of Warren Buffett (2006) without a specific dated source. Buffett has spoken frequently about character as a prerequisite for any business or personal relationship — his standard test for a manager is whether they have intelligence, energy, and integrity, noting that the absence of the third quality makes the first two dangerous. The same philosophy shaped Berkshire's acquisition criteria: he will not partner with managers of questionable character regardless of how attractive the business appears.