I think our basic principle that this is a free market system and that that has worked for us, that it creates innovation and risk taking, I think that's a principle that we've gotta hold to as well. But what I don't wanna do is get bottled up in a lot of ideology and is this conservative or liberal. My interest is finding something that works.
I believe that the general growth in large [financial] institutions have occurred in the context of an underlying structure of markets in which many of the larger risks are dramatically -- I should say, fully -- hedged.
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.
...Human thought has no limit. At its risk and peril, it analyzes and dissects its own fascination. We could almost say that, by a sort of splendid reaction, it fascinates nature; the mysterious world surrounding us returns what it receives; it is likely that contemplators are contemplated.
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.