How do you measure whether or not a strategy of economic growth that is articulated by a very smart, capable economist actually yields growth? You can't. But you can influence.
If you do smart things and use leverage and do one wrong thing along the way, it could wipe you out, because anything times zero is zero. But it's reinforcing when the people around you are doing it successfully, you're doing it successfully, and it's a lot like Cinderella at the ball.
If you want your children to be smart, tell them stories. If you want them to be really smart, tell them more stories. If you want your children to be brilliant, tell them even more stories.
I was raised by a single mom who had to put herself through school while looking after two kids. And she worked hard every day and made a lot of sacrifices to make sure we got everything we needed. My grandmother, she started off as a secretary in a bank. She never got a college education, even though she was smart as a whip. And she worked her way up to become a vice president of a local bank, but she hit the glass ceiling. She trained people who would end up becoming her bosses during the course of her career.
Charlie and I decided long ago that in an investment lifetime, it's 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 now settle for one good idea a year.
We are growing the economy in smart ways and rebuilding our infrastructure and investing in science and development and that we stay true to those values that helped to get us here.
What is with waiters who don't write anything down and memorize your order instead? Are you trying to impress me or something? If you were that smart you wouldn't be a goddamn waiter in the first place.
When you have success on the field, you're more popular and you have that fame that comes with it. You realize you're in the public eye more and you've got to be a little bit more careful about some of the things you're doing out in public and make sure you're smart about the things you say. You're still going to make mistakes from time to time, but you represent an even greater population and people are that much more looking for you to be in the wrong place at the wrong time or fall down or say something really stupid that's going to get you in trouble.
We have to have better intelligence. We have to have better interdiction capabilities. And so the issue is not how much we spend or how hard we try; the issue is are we doing it the right way? Are we being smart about it?