I bought a company in the mid-90s called Dexter Shoe and paid $400 million for it. And it went to zero. And I gave about $400 million worth of Berkshire stock, which is probably now worth $400 billion. But I've made lots of dumb decisions. That's part of the game.
The rule of the game was never assume that anybody, however honorable, would be able to stand up under torture. If Mr. X, who knew where I was, was caught for some reason, I should move.
The game of life does not proceed like a mathematical calculation on the principle that two and two make four. Sometimes they make five, or minus four, and sometimes the blackboard topples over in the middle of the sum and the pedagogue is left with a black eye.
Substances like LSD, which give away a secret about the nature of the social game - the human game and what underlies it - are potentially dangerous, of course, like any good thing is. Electricity is dangerous, fire is dangerous, cars are dangerous, planes are dangerous, but not so dangerous as driving on the freeway. The only way to handle danger is to face it. If you start getting frightened of it, then you make it worse. Because you project onto it all kinds of bogeys and threats which don't exist in it at all.
If
you're an investor, you're looking on what the asset is going to do, if
you're a speculator, you're commonly focusing on what the price of the
object is going to do, and that's not our game.
If there are dominant teams, people enjoy discussing whether that's good or bad for the game, and if there aren't any dominant teams, then people enjoy discussing that.
Generally speaking, there's a difference. Moose nose is just pure cartilage. It's not just the end of a chicken leg, it really is - imagine the cartilage of game meat.If I ever took the spare tire off of my car and was on a survival show, and Bear Grylls was like, "What you need to do in a survival situation is eat your tire," I'd be like, "That's moose nose!"
The regime must allow immediate and unrestricted access to every site, every document, and every person identified by inspectors. Iraq can be certain that the old game of cheat-and-retreat tolerated at other times will no longer be tolerated.