A couple of ex-boyfriends.

My wife, because she manages me and sometimes there isn’t time for niceties and we have to talk in a language that isn’t very marriage-like.

As a teenager I told my father, “You led us into the camp like sheep to slaughter.” I knew I had hurt him, this man that I loved so much. That’s haunted me all my life.

My kids. I think if you don’t want to say sorry to your kids you’ve been an appalling parent.

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.

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

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.

The reaction of my family and me to our extraordinary good fortune is not guilt, but rather gratitude. Were we to use more than 1% of my claim checks on ourselves, neither our happiness nor our well-being would be enhanced. In contrast, that remaining 99% can have a huge effect on the health and welfare of others.

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.

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.