But from day one, I really wanted to build the kind of company my father never got a chance to work for. A company that honors and respects the dignity of work and the dignity of all men and all women. And that is why we became the first company in all of America to provide comprehensive health insurance 30 years ahead of the affordable care act, as well as ownership in the form of stock options for all of our employees, including part-time people because it is my firm belief that success in business and in life is best when it's shared.

We've just passed a milestone: Twenty years ago, on January 3, 1972, Blue Chip Stamps (then an affiliate of Berkshire and later merged into it) bought control of See's Candy Shops, a West Coast manufacturer and retailer of boxed-chocolates. The nominal price that the sellers were asking - calculated on the 100% ownership we ultimately attained - was $40 million. But the company had $10 million of excess cash, and therefore the true offering price was $30 million. Charlie and I, not yet fully appreciative of the value of an economic franchise, looked at the company's mere $7 million of tangible net worth and said $25 million was as high as we would go (and we meant it). Fortunately, the sellers accepted our offer. The sales of trading stamps by Blue Chip thereafter declined from $102.5 million in 1972 to $1.2 million in 1991. But See's candy sales in the same period increased from $29 million to $196 million. Moreover, profits at See's grew even faster than sales, from $4.2 million pre-tax in 1972 to $42.4 million last year.

From these remarks it will be evident that, allowing only ordinary ability and opportunity, we may explain success mainly by one word and that word is WORK! WORK!! WORK!!! WORK!!!! Not transient and fitful effort, but patient, enduring, honest, unremitting and indefatigable work, into which the whole heart is put, and which, in both temporal and spiritual affairs, is the true miracle worker. Every one may avail himself of this marvellous power, if he will. There is no royal road to perfection.

No, because I started working on ribosomes when I was a post doc, in 1978, when it would have been impossible, really, to solve it. But, it was just a fundamental problem in biology. And we felt, no matter, anything we do to chip away at the problem would be useful. So it was more that that attracted me. And I think the fact that it was large and kind of difficult to come to grips with, yes, it was attractive. Really what was attractive was that it was a fundamental problem.