For a photographer — it’s like actually taking a picture is like five percent of what I do. And the rest is research, reading, contact, setting things up, making contact, getting access, making people feel comfortable, doing the reporting, doing the interviews, getting the captions. It’s not getting there physically, the logistics on the ground. I mean, literally, taking a picture is the easiest part of my job.

But poets are the worst. Their work is hopelessly unphotogenic. Someone sits at a table or lies on a sofa while staring motionless at a wall or ceiling. Once in a while this person writes down seven lines only to cross out one of them fifteen minutes later, and then another hour passes, during which nothing happens … Who could stand to watch this kind of thing?

Running CiRA with some 250 staff, I have come to spend less time discussing their data with my colleagues and students, and have been absorbed by my duties as the "chief executive officer" of CiRA, including devising strategies to advance both basic and applied research and to obtain sufficient funding. Anxious about the lack of financial resources for the future to allow us to continue hiring research support staffers, I even ran the full Kyoto Marathon in 2012 to raise online donations from the public. It was hard but helped us raise more than 10 million yen.

There was no school to attend or field to learn what today is known as ‘software engineering’ or ‘systems engineering.’ When answers could not be found, we had to invent them; we were designing things that had to work the first time, and our systems had to be ‘man-rated.’ Many on the team began as fearless 20-something-year-olds. The greater the challenge, the more fun we had. And, yet, dedication and commitment were a given. There was no time to be a beginner. Learning was by being and doing, and a dramatic event would often dictate change.

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

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.

Well, I won't say what I thought about them, particularly related to Bill Gates, but I would say it's astounding to me how human people are. I mean, it, here you had a guy that was a convicted guy, a sensational con man, and the percentage of people that he knocked off. I mean, whether it was, he found their weakness, it might have been sex. It might be power, it might be, whatever it might be.

We have two pieces of regrettable news this year. First, Gladys Kaiser, my friend and assistant for twenty-five years, will give up the latter post after the 1993 annual meeting, though she will certainly remain my friend forever. Gladys and I have been a team, and though I knew her retirement was coming, it is still a jolt.

And now, you've got nine countries, including, you know, a guy in North Korea. I mean, and there will be, something will happen. And we worried enormously about it when there were two. And we had perfectly, we had really pretty sane leaders in Kennedy and Khrushchev. You know, I mean, you were not dealing with unstable people or anything like that.

I've mentioned that we strongly prefer to use cash rather than Berkshire stock in acquisitions. A study of the record will tell you why: If you aggregate all of our stock-only mergers (excluding those we did with two affiliated companies, Diversified Retailing and Blue Chip Stamps), you will find that our shareholders are slightly worse off than they would have been had I not done the transactions. Though it hurts me to say it, when I've issued stock, I've cost you money.