My first mistake, of course, was in buying control of Berkshire. Though I knew its business - textile manufacturing - to be unpromising, I was enticed to buy because the price looked cheap. Stock purchases of that kind had proved reasonably rewarding in my early years, though by the time Berkshire came along in 1965 I was becoming aware that the strategy was not ideal. If you buy a stock at a sufficiently low price, there will usually be some hiccup in the fortunes of the business that gives you a chance to unload at a decent profit, even though the long-term performance of the business may be terrible. I call this the "cigar butt" approach to investing. A cigar butt found on the street that has only one puff left in it may not offer much of a smoke, but the "bargain purchase" will make that puff all profit. Unless you are a liquidator, that kind of approach to buying businesses is foolish.

When we started Airbnb, no one wanted to invest. I felt like a failure so many days. It was small, it wasn't growing... A sane person probably would have quit. But we kept going through obscurity, through rejection. We couldn't raise money — but over time, it started growing.

Don't be scared of the ‘what ifs,’ because the truth is, the only failure is not trying. That's the only way you can fail. Trying and having it not work out isn't failure.

Unfortunately, in the case of Iraq, I believe we could have done that through an inspection process. I was calling for a few months more to complete our work. We hadn’t seen indications of weapons of mass destruction. We hadn’t seen indications of nuclear weapons. ... Unfortunately, it didn’t work that way. There was faulty intelligence. There were lots of other considerations that made a decision to go to war tempting, to get rid of Saddam Hussein.

I had a number of very strong personalities in my family. My father was a concert flutist, the solo flute for Toscanini. That was an unusual profession for a kid to have as his father. He would dress up in a tuxedo. A concert musician has to practice a lot, and my earliest memories are of that. He was a great musician, very knowledgeable, and he used to tell us the stories of the operas, and all about the composers. He had a lot of knowledge, and he would make a point of telling us about it. I had an older brother who was five years older than me. He was a very successful student, a very handsome kid. Having an older brother by that many years was really an edge that I had. I had an older brother who would protect me. He was a very sensitive and talented boy, and he became interested in literature. So at the same time that I had all this information from my father, I also had a brother who was giving me books at a young age that I would not normally have run into. Brave New World, of course, which was fun, because it was sort of science fiction. As a kid, he was showing me books by James Joyce, and André Gide. So I was really stimulated at a younger age than I normally would have been exposed to that kind of thing.