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.

I didn't see it then, but it turned out that getting fired from Apple was the best thing that could have ever happened to me. The heaviness of being successful was replaced by the lightness of being a beginner again, less sure about everything. It freed me to enter one of the most creative periods of my life.

That's a real challenge and a real issue. Reading the statistics, they had a ranking of quarterbacks, and the statistic was the percentage of a touchdown drive after an interception. To me, that is a telling statistic. The guys that have a high percentage are the guys that have short memories. They talk about having amnesia as a quarterback. You better move along from it. It is hard to say you forget about it, because you want to learn from it. You want to address it. You can't just say it never happened.

No. I mean if you fail 70 percent of the time, you had a great year. You're dealing with failure seven out of ten times as a hitter.

Peace is not unity in similarity but unity in diversity, in the comparison and conciliation of differences.

I have been suspected of utopian thinking more than once, and particularly when five years ago I proposed the elimination of nuclear weapons by the year 2000 and joint efforts to create a system of international security. It may well be that by that date it will not have happened. But look, merely five years have passed and have we not actually and noticeably moved in that direction?