To stay in the moment and live each day to the maximum. You never know when it’s going to be taken away.

Nothing’s guaranteed and things change in an instant, and to get used to that and stay in the moment.

I remember the moment when my overwhelming uneasiness yielded. Seven words from Samuel Beckett, a writer I’ve not even read that well, learned long ago as an undergraduate, began to repeat in my head, and the seemingly impassable sea of uncertainty parted: “I can’t go on. I’ll go on.” I took a step forward, repeating the phrase over and over: “I can’t go on. I’ll go on.” And then, at some point, I was through.

Never be rigid in your thinking, be open.

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.

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.

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.

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.)

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

Most investors, of course, have not made the study of business prospects a priority in their lives. If wise, they will conclude that they do not know enough about specific businesses to predict their future earning power. I have good news for these non-professionals: The typical investor doesn't need this skill. ... The goal of the non-professional should not be to pick winners – neither he nor his "helpers" can do that – but should rather be to own a cross-section of businesses that in aggregate are bound to do well. A low-cost S&P 500 index fund will achieve this goal.