They had large resources of compulsion at their disposal, but I was stubborn. Where my reason, imagination or interest were not engaged, I would not or I could not learn. In all the twelve years I was at school no one ever succeeded in making me write a Latin verse or learn any Greek except the alphabet. I do not at all excuse myself for this foolish neglect of opportunities procured at so much expense by my parents and brought so forcibly to my attention by my Preceptors.

Impatience. My mind moves rapidly.

I’m too quick to jump to a negative conclusion. For example, if I’ve had a book come out recently and I’m with a friend who doesn’t mention it, instead of thinking, “This person hasn’t mentioned my book because they’re busy and haven’t had time to purchase it, much less read it, and that doesn’t mean that they don’t like me,” I will go to, “This person doesn’t care about me,” which is such a terrible, self-centered way to think. People really are busy and their world doesn’t stop just because I’ve published a novel.

My very wise and politically savvy 17-year-old daughter says I get too emotional about political issues. I think she’s right. She knows that if she sees me race across a room, I have just read something about Trump. Turning ideas into feelings is the thing an essayist is supposed to do, but political punditry should probably be more detached.

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.

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.

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.

The number one rule I give them is just not give them the golden rule. Do unto others, I'm not a religious guy, but, I mean, nobody said it any better in a couple thousand years than that, which may be why it's lasted to a certain degree too. I mean, more people are reading a 2000-year-old book about how to behave than anything that anybody's coming up with lately. Now it's got a lot of, particularly the Old Testament, it's got different kinds of stories, to some extent, but if the whole world lived by the golden rule, it would be such a more wonderful society.

The reaction of my family and me to our extraordinary good fortune is not guilt, but rather gratitude. Were we to use more than 1% of my claim checks on ourselves, neither our happiness nor our well-being would be enhanced. In contrast, that remaining 99% can have a huge effect on the health and welfare of others.

I've mentioned that we strongly prefer to use cash rather than Berkshire stock in acquisitions. A study of the record will tell you why: If you aggregate all of our stock-only mergers (excluding those we did with two affiliated companies, Diversified Retailing and Blue Chip Stamps), you will find that our shareholders are slightly worse off than they would have been had I not done the transactions. Though it hurts me to say it, when I've issued stock, I've cost you money.