I have never made any money from my films but I have won prizes and recognition. I have been on the margins forever. They all came to see me receive the award - there was Tom Hanks, Steven Spielberg and Richard Gere and so on. I was imagining what they would all be worth in money terms. You see I was never bankable, I could not bring any money ever to the table. I like the friendships and, yes, the admiration but I don’t want to make a big fuss about it. I will go on working as long as I am able!

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.

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.

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.

The first thing to recommend is that they don’t work in some place that they don’t like, that they don’t do things that they don’t like. That they look for what they really want to do and what kind of thing they want to be involved in, or if they want to go it alone by themselves, to find that.

It takes a combination of ways to do these things, more than discipline. It’s a way of life. It’s like diet or gymnastics. You can know all the gymnastic things, all the exercises. You can know all the diets, but if you don’t do the diets, if you don’t do the exercise, it won’t work. It’s the same if you have some rules, but you don’t live them. It doesn’t work.