I don't enjoy it but I know that I have got to live with [myself] if I'm not going to give it 100 per cent. The key thing is getting to the start line and knowing that I couldn't have done any more, that I didn't back off. You accept the pain, because if you didn't there would always be that element of doubt.

Charlie and I decided long ago that in an investment lifetime it's just too hard to make hundreds of smart decisions. That judgment became ever more compelling as Berkshire's capital mushroomed and the universe of investments that could significantly affect our results shrank dramatically. Therefore, we adopted a strategy that required our being smart - and not too smart at that - only a very few times. Indeed, we'll now settle for one good idea a year. (Charlie says it's my turn.)

That’s a very good question. I think I’m a very lazy writer and by that I mean that I do not battle, I don’t struggle too hard against it. If I have difficulties in the writing, I just go and do other things. I don’t feel a compulsion to write. Of course, when I start writing then it becomes a compulsive activity, because I’ve begun something and I want to continue, want to finish it. … I know there are other writers who sit down religiously every morning, they take their espresso, they put a clean sheet of paper there and they sit looking at that paper until they’ve finished or covered at least a number of those pages. No, I’m not like that. I have to be ready. It has to gestate it for quite a while and then it’s ready to burst forth.

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 realized very early that non-egality would work better in the parts of the world I wanted to inhabit. What do I mean by non-egality? I mean John Wooden, when he was the number one basketball coach in the world. He just said to the bottom five players, “You don't get to play. You're sparring partners.” The top seven did all the playing.

wisdom acquisition is a moral duty. It’s not something you do just to advance in life. Wisdom acquisition is a moral duty.

Every mischance in life was an opportunity to learn something and your duty was not to be submerged in self-pity, but to utilize the terrible blow in a constructive fashion.

inversion frequently will solve problems which nothing else will solve. And in life, unless you’re more gifted than Einstein, inversion will help you solve problems that you can't solve in other ways.

Life will have terrible blows, horrible blows, unfair blows. Doesn't matter. And some people recover and others don't. And there I think the attitude of Epictetus is the best. He thought that every mischance in life was an opportunity to behave well. Every mischance in life was an opportunity to learn something and your duty was not to be submerged in self-pity, but to utilize the terrible blow in a constructive fashion.

Luckily, I got at a very early age the idea that the safest way to try and get what you want is to try and deserve what you want. It's such a simple idea. It's the golden rule so to speak. You want to deliver to the world what you would buy if you were on the other end. There is no ethos, in my opinion, that is better for any lawyer or any other person to have.