I’m still astonished that somebody would offer me a job and pay me to do what I wanted to do. And to this day, that’s been the astonishment of my life, and delight of my life, and the wonder of my life, and the puzzlement that anybody would be so stupid as to be willing to do that. I hear all these success stories of people, these captains of industry, these forgers of the world, and empire builders and so on. And they talk about all the money they’ve made and become presidents and all that, and I thought, jeez, but look at me. When I was offered a chance to be head of studios I wouldn’t take it. I like to work with the tools of my trade. The tools of my trade is a lot of paper and a pencil, and that’s all it is.

It’s how we are made as homo sapiens. We are biologically organized to cover distances on foot. That’s what we did for tens of thousands of years until we started to use horses, of course, until the mechanical age. And I would not call it “walking” because it’s not going out for a stroll or going out for a “power walk” or ambling in your city. It’s “traveling on foot.” You are reading the world, learning the essence of the world.

There’s no such thing as cheap food. It can be affordable, but it can never be cheap. I think that’s something we’ve been indoctrinated by fast food culture to believe, that it can be cheap – that it can be fast, cheap, and easy. But every culture since the beginning of time has thought of food as something precious, and that’s the way I think about it. I want to give my money to the people who take care of the land, and who grow that food.

I’ve had this concern all the time, but I can only hope that if one writes with appreciation and delicacy and respect, then it’s okay. I have to say that I’ve written a hundred times as much as I’ve published, because if there’s any thought of offense or embarrassment, then I will put the thing quietly away.

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.

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.

The asset I most value, aside from health, is interesting, diverse, and long-standing friends.

The strategy we've adopted precludes our following standard diversification dogma. Many pundits would therefore say the strategy must be riskier than that employed by more conventional investors. We disagree. We believe that a policy of portfolio concentration may well decrease risk if it raises, as it should, both the intensity with which an investor thinks about a business and the comfort-level he must feel with its economic characteristics before buying into it.

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.

In particular, my decision to sell McDonald's was a very big mistake. Overall, you would have been better off last year if I had regularly snuck off to the movies during market hours.