A bushel of self-confidence.

A sense of what really matters.

Compassion, resourcefulness and resilience form a rounded good person. So that’s what I’d like to leave my children and grandchildren.

A spirit of generosity.

I think that Jay Powell in when, when the epidemic broke out, I think he acted in March of 2020 and I think if he'd waited two or three weeks, it would have been a disaster. Once the dominoes start toppling, they just start toppling and, and, and, and that line is shorter than anybody thinks, and it topples faster. And I think he did exactly the right thing, and he, he did it even stronger than Volker did. You know, I mean, he, he and Volker are my heroes at the Fed.

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.)

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.

Ironically, though, this is also the purchase in which I made my biggest mistake - of a kind, however, never recognized on financial statements. We paid $600 million in 1989 for Gillette preferred shares that were convertible into 48 million (split-adjusted) common shares. Taking an alternative route with the $600 million, I probably could have purchased 60 million shares of common from the company. The market on the common was then about $10.50, and given that this would have been a huge private placement carrying important restrictions, I probably could have bought the stock at a discount of at least 5%. I can't be sure about this, but it's likely that Gillette's management would have been just as happy to have Berkshire opt for common. But I was far too clever to do that.

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 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.