You called it vision, I call it analyzing what my strengths were. It just so happened there was no market whatsoever for my strength, unless I was interested in becoming a show dancer, for which I tried, but I’m not tall enough. Also, when I auditioned for the Radio City Rockettes, they said, “We love your fouettés, but can’t you smile?” And things of that nature transpired between me and a commercial future. So, I managed to find a way of subsisting in the beginning by doing odd jobs, Kelly Girl temp work, selling perfume at Macy’s, and any and everything to be able to sustain studying and beginning a career with a group of dancers who were willing to devote five years, really, of their lives to me, working very seriously, with complete commitment, for not a penny.

My first mistake, of course, was in buying control of Berkshire. Though I knew its business - textile manufacturing - to be unpromising, I was enticed to buy because the price looked cheap. Stock purchases of that kind had proved reasonably rewarding in my early years, though by the time Berkshire came along in 1965 I was becoming aware that the strategy was not ideal. If you buy a stock at a sufficiently low price, there will usually be some hiccup in the fortunes of the business that gives you a chance to unload at a decent profit, even though the long-term performance of the business may be terrible. I call this the "cigar butt" approach to investing. A cigar butt found on the street that has only one puff left in it may not offer much of a smoke, but the "bargain purchase" will make that puff all profit. Unless you are a liquidator, that kind of approach to buying businesses is foolish.

In fact, what I usually say to people, “Probably some of the most successful scientists are the ones that know how to deal with failure well.” Because it’s easy to feel good when you succeed. That’s an easy thing. But you’re probably going to fail in science a lot more than you succeed, so you really have to learn how to deal with it and not let it beat you.

As hard as it's been to come to this decision, I am at peace with it. I have no regrets. I was not supposed to be here in the first place, remember? Not many people believed in my talent and my abilities, yet I found a way to persevere, to prove them (and sometimes myself!) wrong.

Yes, but not with a formula. So there are many, many efforts now to decentralize and they create a rigid formula and give people rules from on top and say, 'Now it's yours.' And that isn't worked very well either. … And, you think about the variety. If you look at a countryside, think of the variety out there in terms of the ecological variety. Well, if people are going to manage ecological variety, no single set of rules will work in a semi-arid versus a tropical-wet region. They have to be different.

Yes, we're showing that. But we're also showing a very important role for face-to-face or even written communication. So, the prediction was that nobody would self-monitor because that's a second level social dilemma, if you go to Game Theory. But, what we've found is that people will, but it can be … people can escalate into, 'I'll punish you, you punish him, mamamamamma,' and it gets worse and worse. So, with communication, where there's an agreement on what is going to be the … what we are going to do. The 'we' then being well-defined, then people can follow rules, be cooperative and, occasionally, sanction one another to help that continue.