So I decided I was going to invest my time. I spent Monday through Thursday at Frito-Lay, commuting from New York to Texas. Then Friday, Saturday and Sunday, I did my regular job in New York. It was an incredible commitment of time but it was an amazing developmental experience. It was challenging, broadening, and helped me reach the position I have today.

They win the respect, the deserved trust, of the people they deal with, and there is huge pleasure in life to be obtained from getting deserved trust. And so the way to get it is to deliver what you’d want to buy if the circumstances were reversed.

We've just passed a milestone: Twenty years ago, on January 3, 1972, Blue Chip Stamps (then an affiliate of Berkshire and later merged into it) bought control of See's Candy Shops, a West Coast manufacturer and retailer of boxed-chocolates. The nominal price that the sellers were asking - calculated on the 100% ownership we ultimately attained - was $40 million. But the company had $10 million of excess cash, and therefore the true offering price was $30 million. Charlie and I, not yet fully appreciative of the value of an economic franchise, looked at the company's mere $7 million of tangible net worth and said $25 million was as high as we would go (and we meant it). Fortunately, the sellers accepted our offer. The sales of trading stamps by Blue Chip thereafter declined from $102.5 million in 1972 to $1.2 million in 1991. But See's candy sales in the same period increased from $29 million to $196 million. Moreover, profits at See's grew even faster than sales, from $4.2 million pre-tax in 1972 to $42.4 million last year.

I was not much taken by their poems, but I liked Leconte de Lisle’s translation of Homer, especially his Iliad, which brought me the classical world. I have often felt a great difference between myself and the next generation, those who were twenty in 1950, although it is only a few years, because I had read in my grandfather’s library books that were later less accessible. The next generation was reading Michaux, Prévert, Éluard—twentieth-century authors. I’m glad to have read the Greek classics, and French ones too—writers like Racine and Corneille.

You gave a six-year-old boy his Laker dream And I'll always love you for it. But I can't love you obsessively for much longer. This season is all I have left to give. My heart can take the pounding My mind can handle the grind But my body knows it's time to say goodbye.