But I am not looking to any accounts, and I’m not interested at all how many money I have in the bank, what is costing this or that. I’m only trying to realize my ideas.

you have got to be totally honest and give advice and analysis that you’re asked to give that’s based on evidence. And if the analysis that you come to comes to a conclusion that a president might not like to hear that, you can’t be afraid of saying, “Mr. President, with all due respect, this is the way I think the situation is.”

There were times when I thought I wanted to be a cartoonist. If I weren’t a film director, I think cartoons would have been a good alternative. But I never properly studied drawing, so my drawings are strange. But when I’m prepping films, it’s good preparation — and comforting to me — to do the storyboards. It’s fun, too, like drawing a whole comic.

I’m still astonished that somebody would offer me a job and pay me to do what I wanted to do. And to this day, that’s been the astonishment of my life, and delight of my life, and the wonder of my life, and the puzzlement that anybody would be so stupid as to be willing to do that. I hear all these success stories of people, these captains of industry, these forgers of the world, and empire builders and so on. And they talk about all the money they’ve made and become presidents and all that, and I thought, jeez, but look at me. When I was offered a chance to be head of studios I wouldn’t take it. I like to work with the tools of my trade. The tools of my trade is a lot of paper and a pencil, and that’s all it is.

Well, I ran out of gas. You know, I got to be what, 93 at that time, or something like that. And it just – same reason I gave up teaching. I teach – I was – I taught every year from when I was 21 till 88 or 89, and there just came a period when your body said different things to you, and you should turn it over to somebody, just like I did at Berkshire.

I've mentioned that we strongly prefer to use cash rather than Berkshire stock in acquisitions. A study of the record will tell you why: If you aggregate all of our stock-only mergers (excluding those we did with two affiliated companies, Diversified Retailing and Blue Chip Stamps), you will find that our shareholders are slightly worse off than they would have been had I not done the transactions. Though it hurts me to say it, when I've issued stock, I've cost you money.

The reaction of my family and me to our extraordinary good fortune is not guilt, but rather gratitude. Were we to use more than 1% of my claim checks on ourselves, neither our happiness nor our well-being would be enhanced. In contrast, that remaining 99% can have a huge effect on the health and welfare of others.

The asset I most value, aside from health, is interesting, diverse, and long-standing friends.

And now, you've got nine countries, including, you know, a guy in North Korea. I mean, and there will be, something will happen. And we worried enormously about it when there were two. And we had perfectly, we had really pretty sane leaders in Kennedy and Khrushchev. You know, I mean, you were not dealing with unstable people or anything like that.

The extraordinary delegation of authority now existing at Berkshire is the ideal antidote to bureaucracy. In an operating sense, Berkshire is not a giant company but rather a collection of large companies. At headquarters, we have never had a committee nor have we ever required our subsidiaries to submit budgets (though many use them as an important internal tool). We don't have a legal office nor departments that other companies take for granted: human relations, public relations, investor relations, strategy, acquisitions, you name it. We do, of course, have an active audit function; no sense being a damned fool.