What are you unwilling to optimise?

Charlie and I decided long ago that in an investment lifetime it's just too hard to make hundreds of smart decisions. That judgment became ever more compelling as Berkshire's capital mushroomed and the universe of investments that could significantly affect our results shrank dramatically. Therefore, we adopted a strategy that required our being smart - and not too smart at that - only a very few times. Indeed, we'll now settle for one good idea a year. (Charlie says it's my turn.)

It went from publisher to publisher to publisher. All of them refused it. They gave the same reasons, until a small publisher picked it up. From 1960 to 1963, three years, it didn’t sell 1500 copies. Nobody wanted to read it. It doesn’t matter. I am not here to sell, I’m here to write.

I’ve had this concern all the time, but I can only hope that if one writes with appreciation and delicacy and respect, then it’s okay. I have to say that I’ve written a hundred times as much as I’ve published, because if there’s any thought of offense or embarrassment, then I will put the thing quietly away.

They were blocked in their minds to do this because they thought, oh this is not done, we don’t do that in our field and you can’t do that, and I said: Why not?