and he began to understand what a wild game we play in life; he began to understand that a thing once done cannot be undone nor changed by saying "I am sorry!
The problem with commodities is that you are betting on what someone else would pay for them in six months. The commodity itself isn't going to do anything for you....it is an entirely different game to buy a lump of something and hope that somebody else pays you more for that lump two years from now than it is to buy something that you expect to produce income for you over time.
I am very glad there are quite a number of people born with a gift and a liking for all of this; like great chessplayers who play sixteen games at once blindfold and die quite soon of epilepsy. Serve them right! I hope the Mathematicians, however, are well rewarded. I promise never to blackleg their profession nor take the bread out of their mouths.
Yet again, the more you strive for some kind of perfection or mastery—in morals, in art or in spirituality—the more you see that you are playing a rarified and lofty form of the old ego-game, and that your attainment of any height is apparent to yourself and to others only by contrast with someone else's depth or failure.
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.
When I work a game as an analyst, all I do is look at the game like a coach. Why was something successful? What makes it work? I just try to use my expertise and whatever insight I have to the game.