As I sit at my table, for days, months, years, slowly adding new words to the empty page, I feel as if I am creating a new world, as if I am bringing into being that other person inside me, in the same way someone might build a bridge or a dome, stone by stone. The stones we writers use are words. As we hold them in our hands, sensing the ways in which each of them is connected to the others, looking at them sometimes from afar, sometimes almost caressing them with our fingers and the tips of our pens, weighing them, moving them around, year in and year out, patiently and hopefully, we create new worlds. The writer’s secret is not inspiration – for it is never clear where it comes from – it is his stubbornness, his patience. That lovely Turkish saying – to dig a well with a needle – seems to me to have been said with writers in mind.

I looked straight across at the clock and I was disappointed with the time. I should have run under 49 and I didn't. And I knew I had a lot more in me.

On the best days, I stop pleading, stop bargaining and watch-checking and fall into a rhythm so satisfying that I simply forget I’m working. So much of my writing day feels like well-digging. Sometimes I dig 200ft down before coming back up, dry. Every day I search for water.

Instead, I’m here to tell you finding your purpose isn’t enough. The challenge for our generation is creating a world where everyone has a sense of purpose.

This pledge will leave my lifestyle untouched and that of my children as well. They have already received significant sums for their personal use and will receive more in the future. They live comfortable and productive lives.

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.

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.

I think that Jay Powell in when, when the epidemic broke out, I think he acted in March of 2020 and I think if he'd waited two or three weeks, it would have been a disaster. Once the dominoes start toppling, they just start toppling and, and, and, and that line is shorter than anybody thinks, and it topples faster. And I think he did exactly the right thing, and he, he did it even stronger than Volker did. You know, I mean, he, he and Volker are my heroes at the Fed.

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.