What I discovered was that there are four distinct phases that most of us move through in retirement, and as you'll see, it's not always a smooth ride. Phase one is the vacation phase, and that's just what it's like. You wake up when you want. You do what you want all day. And the best part is that there is no set routine. And for most folks, phase one lasts for about a year or so, and then strangely, it begins to lose its luster. We begin to feel a bit bored, and we ask ourselves, is that all there is to retirement?

But then the amazing thing is to look back. It looks like it all was a straight line. You can see the straight line of light and that makes us who we are.

I go in every day to the office. I don't accomplish hardly anything. I mean, in terms of – it just takes me way longer to do things. And Greg is so good. It was kind of embarrassing how good he is, because he has covered – you know, we've got about 200 businesses within Berkshire, you know, that came about, and I can't name the manager's names or their wives names, or – and I haven't seen them, you know, in a long time.

If I were to give advice to young people, high-achieving young people for example, I'd have to say, don't neglect your family. Politics is important, sitting at the head table is glamorous. Traveling around the world, trying to do something for world peace was wonderful. But family and friends and faith are what really matter in life. And I know that. I see it so clearly now.

It is not the critic who counts; not the man who points out how the strong man stumbles or where the doer of deeds could have done them better. The credit belongs to the man who is actually in the arena, whose face is marred by dust and sweat and blood; who strives valiantly; who errs, and comes short again and again, because there is no effort without error and shortcoming; but who does actually strive to do the deeds; who knows the great enthusiasms, the great devotions; who spends himself in a worthy cause; who at the best knows in the end the triumph of high achievement, and who at the worst, if he fails, at least fails while daring greatly, so that his place shall never be with those cold and timid souls who know neither victory nor defeat.

The most important single ingredient in the formula of success is knowing how to get along with people.

Nothing in this world is worth having or worth doing unless it means effort, pain, difficulty. No kind of life is worth leading if it is always an easy life. I know that your life is hard; I know that your work is hard; and hardest of all for those of you who have the highest trained consciences, and who therefore always feel how much you ought to do. I know your work is hard, and that is why I congratulate you with all my heart. I have never in my life envied a human being who led an easy life; I have envied a great many people who led difficult lives and led them well.

I wish to preach, not the doctrine of ignoble ease, but the doctrine of the strenuous life, the life of toil and effort, of labor and strife; to preach that highest form of success which comes, not to the man who desires mere easy peace, but to the man who does not shrink from danger, from hardship, or from bitter toil, and who out of these wins the splendid ultimate triumph.

Shame on the man of cultivated taste who permits refinement to develop into a fastidiousness that unfits him for doing the rough work of a workaday world!

Nothing in the world is worth having or worth doing unless it means effort, pain, difficulty…I have never in my life envied a human being who led an easy life. I have envied a great many people who led difficult lives and led them well.