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.
I've said many times around the world that like any government, like any country, like, any set of human institutions, we have our flaws. We've operated imperfectly. There are times we've made mistakes.
The two commonest mistakes in judgement ... are, the confounding of shyness with arrogance - a very common mistake indeed - and the not understanding that an obstinate nature exists in a perpetual struggle with itself.
I really cannot know whether I am or am not the Genius you are pleased to call me, but I am very willing to put up with the mistake, if it be one. It is a title dearly enough bought by most men, to render it endurable, even when not quite clearly made out, which it never can be till the Posterity, whose decisions are merely dreams to ourselves, has sanctioned or denied it, while it can touch us no further.
If I had to give you one piece of advice, it would be this: don’t be intimidated by other people’s opinions. Only mediocrity is sure of itself, so take risks and do what you really want to do. Seek out people who aren’t afraid of making mistakes and who, therefore, do make mistakes. Because of that, their work often isn’t recognized, but they are precisely the kind of people who change the world and, after many mistakes, do something that will transform their own community completely.
To put yourself into a situation where a mistake cannot necessarily be recouped, where the life you lose may be your own, clears the head wonderfully. It puts domestic problems back into proportion and adds an element of seriousness to your drab, routine life. Perhaps this is one reason why climbing has become increasingly hard as society has become increasingly, disproportionately, coddling.
Listen much, keep silent when in doubt, and always take heed of the tongue; thou wilt make few mistakes. See much, beware of pitfalls, and always give heed to thy walk; thou wilt have little to rue. If thy words are seldom wrong, thy deeds leave little to rue, pay will follow.
Indigestion: A disease which the patient and his friends frequently mistake for deep religious conviction and concern for the salvation of mankind. As the simple Red Man of the Western Wild put it, with, it must be confessed, a certain force: 'Plenty well, no pray; big belly ache, heap God.'