To stake all one's life on a single moment, to risk everything on one throw, whether the stake be power or pleasure, I care not - there is no weakness in that.
Any onset of increased investor caution elevates risk premiums and, as a consequence, lowers asset values and promotes the liquidation of the debt that supported higher asset prices, ... This is the reason that history has not dealt kindly with the aftermath of protracted periods of low risk premiums.
At Berkshire, I both initiate and monitor every derivatives contract on our books ... If Berkshire ever gets in trouble, it will be my fault. It will not be because of the misjudgments made by a risk committee or chief risk officer.
Have I not walked without an upward look Of caution under stars that very well Might not have missed me when they shot and fell? It was a risk I had to take-and took.