I don't want to give a lecture to this body that's out there. You know, I mean, having had the heart attack, I want to get it back functioning. And as a practical matter, I mean if you were Bear Stearns, and you were a shareholder, you know, you lost 90 to 95 percent of your money. A good many lost their jobs. They lost very cushy lives, many of them.
Successful Investing takes time, discipline and patience. No matter how great the talent or effort, some things just take time: You can't produce a baby in one month by getting nine women pregnant.
It's not debt per say that overwhelms an individual corporation or country. Rather it is a continuous increase in debt in relation to income that causes trouble.
If you're extremely rich, and you have got children, my theory was, you give them enough so they can do anything, but not enough so they can do nothing.
I think you'll have plenty of scrutiny as how the money's invested. I mean, just like the RFC. When the RFC operated, people knew which institutions they were buying preferred stock in. And it worked very well.
I will do anything that is basically covered by the law to reduce Berkshire's tax rate. For example, on wind energy, we get a tax credit if we build a lot of wind farms. That's the only reason to build them. They don't make sense without the tax credit.