Ironically, though, this is also the purchase in which I made my biggest mistake - of a kind, however, never recognized on financial statements. We paid $600 million in 1989 for Gillette preferred shares that were convertible into 48 million (split-adjusted) common shares. Taking an alternative route with the $600 million, I probably could have purchased 60 million shares of common from the company. The market on the common was then about $10.50, and given that this would have been a huge private placement carrying important restrictions, I probably could have bought the stock at a discount of at least 5%. I can't be sure about this, but it's likely that Gillette's management would have been just as happy to have Berkshire opt for common. But I was far too clever to do that.

My very wise and politically savvy 17-year-old daughter says I get too emotional about political issues. I think she’s right. She knows that if she sees me race across a room, I have just read something about Trump. Turning ideas into feelings is the thing an essayist is supposed to do, but political punditry should probably be more detached.

Rushing to judgment. Looking for the bad in someone else before anything else.

My worst intellectual habit has to be overanalyzing everything. I do it all the time, because there are too many options in this world.

The Sun/Daily Mail/other various rags. It’s not that I go out of my way to read them, but back in England any fish and chip shop worth their salt delivers your food wrapped in newspaper. Tabloids are cheapest. You can’t help but catch the headlines.