I don’t think anything scares me. It’s a gift and I want to embrace it.

Nothing. I survived a cancer scare at 60, so I am just overjoyed to be here.

One by one the more vigorous sports and exacting games fall away. Exceptional exertions are purchased only by a more pronounced and more prolonged fatigue. Muscles may relax, and feet and hands slow down; the nerve of youth and manhood may become less trusty. But painting is a friend who makes no undue demands, excites to no exhausting pursuits, keeps faithful pace even with feeble steps, and holds her canvas as a screen between us and the envious eyes of Time or the surly advance of Decrepitude. Happy are the painters, for they shall not be lonely.

Losing my memory and not being able to work.

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

We have two pieces of regrettable news this year. First, Gladys Kaiser, my friend and assistant for twenty-five years, will give up the latter post after the 1993 annual meeting, though she will certainly remain my friend forever. Gladys and I have been a team, and though I knew her retirement was coming, it is still a jolt.

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.

Some material things make my life more enjoyable; many, however, would not. I like having an expensive private plane, but owning a half-dozen homes would be a burden. Too often, a vast collection of possessions ends up possessing its owner.

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.)

In particular, my decision to sell McDonald's was a very big mistake. Overall, you would have been better off last year if I had regularly snuck off to the movies during market hours.