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.

My “act first” process is not foolproof. It can result in mistakes. In other areas of my business, we’ve changed policies that drew criticism from our customers, launched services too early, and pursued acquisitions that failed to close. But I consider these necessary risks, taken in the pursuit of innovation. In business, there will always be ideas that fail and projects that disappoint. But we learn these things by acting.

about 95% of the experiments we do are total failures, and that’s because we’re out there on the leading edge of what’s possible, and most of the time it isn’t quite possible.

So Cambridge rejected me. Quite rightly, although at the time I thought it was a little churlish. So, I had to do it without any university training. ... and I began to realize that there were probably a lot more of these things, and that if you find these things, you get a position in the ladder which you can’t get to unless you have either got an education or something else. So by finding important things, you immediately get into the game, which you’d been excluded from otherwise.

I feel myself still like a student learning many things doing films.

Yes and it’s also more difficult today to finance a film with a medium budget. It’s easier to make a very small film with a low budget like Le Refuge or a big comedy like Potiche with big stars. It’s more difficult when you try to make something in the middle, something more difficult in commercial terms because you don’t know exactly what the film is going to be like.

I would be able to shoot even more if I didn’t have the promotion and all these kinds of things to do. I would do it like Fassbinder — seven films a year — if I could. Making films is a pleasure for me.

It’s a long journey, you know. I really believe in the work of the unconscious. You have an idea, you think about it. You dream about it. But, for me, it’s my way of working, it depends on writing of course. I don’t need to go every day in front of my computer and write something. It’s always a surprise. In the moment, it’s a necessity. You need to write, so you write a thing.

No. You don't have to have rules. If you have rules—you know in cinema you have to be very pragmatic.

No, I’m afraid of nothing, actually. Maybe there are some genres that I would not feel uncomfortable with. I’m not sure I’d be able to do a western or a science-fiction film, but you never know.