Their humor and that they are smarter than I, but not by too much.

A sense of humor and/or the ability to use a toilet correctly.

I think I value the same things everyone does—loyalty, a sense of humor, the ability to make campaign contributions.

Love of fun and food and great conversation.

Yeah and we get calls all the time, and there's so many calls, but the like I said, it takes me five seconds to say no. It takes, Greg's a little more polite than I am, but I just as soon get the calls just to see what people are doing. But they aren't offering anything that's at an attractive price, and what they want is a trade.

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.

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.

I go in every day to the office. I don't accomplish hardly anything. I mean, in terms of – it just takes me way longer to do things. And Greg is so good. It was kind of embarrassing how good he is, because he has covered – you know, we've got about 200 businesses within Berkshire, you know, that came about, and I can't name the manager's names or their wives names, or – and I haven't seen them, you know, in a long time. It's easier just to write the letter once a year and kind of do my own thing. Greg covers more ground in a day than I would in a week, even when I was at my peak, let alone my present condition.

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.

Well, I won't say what I thought about them, particularly related to Bill Gates, but I would say it's astounding to me how human people are. I mean, it, here you had a guy that was a convicted guy, a sensational con man, and the percentage of people that he knocked off. I mean, whether it was, he found their weakness, it might have been sex. It might be power, it might be, whatever it might be.