Brummies have adopted the sense that we live in a shit-hole, but in terms of green space, culture and community, it’s unrivalled. It’s a calm and happy place; my heart rate drops when I get off the train from London. I say, kind of with tongue in cheek, but not that far in my cheek, that it’s the best city in the world.

But my answer is this: inspiration is not the exclusive privilege of poets or artists generally. There is, has been, and will always be a certain group of people whom inspiration visits. It’s made up of all those who’ve consciously chosen their calling and do their job with love and imagination. It may include doctors, teachers, gardeners – and I could list a hundred more professions. Their work becomes one continuous adventure as long as they manage to keep discovering new challenges in it. Difficulties and setbacks never quell their curiosity. A swarm of new questions emerges from every problem they solve. Whatever inspiration is, it’s born from a continuous “I don’t know.”

One of the biggest challenges that the game must respond to today, I believe, is charting out a clear road map for the three formats. We now realise that the sport's three formats cannot be played in equal numbers - that will only throw scheduling and the true development of players completely off gear.

Under the stress of the event, we felt, the soldiers' true nature would reveal itself, and we would be able to tell who would be a good leader and who would not. But the trouble was that, in fact, we could not tell. Every month or so we had a "statistics day," during which we would get feedback from the officer-training school, indicating the accuracy of our ratings of candidates' potential. The story was always the same: our ability to predict performance at the school was negligible. But the next day, there would be another batch of candidates to be taken to the obstacle field, where we would face them with the wall and see their true natures revealed. I was so impressed by the complete lack of connection between the statistical information and the compelling experience of insight that I coined a term for it: "the illusion of validity."

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.

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'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.

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.

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

The extraordinary delegation of authority now existing at Berkshire is the ideal antidote to bureaucracy. In an operating sense, Berkshire is not a giant company but rather a collection of large companies. At headquarters, we have never had a committee nor have we ever required our subsidiaries to submit budgets (though many use them as an important internal tool). We don't have a legal office nor departments that other companies take for granted: human relations, public relations, investor relations, strategy, acquisitions, you name it. We do, of course, have an active audit function; no sense being a damned fool.