The best business returns are usually achieved by companies that are doing something quite similar today to what they were doing five or ten years ago.
I have pledged - to you, the rating agencies and myself - to always run Berkshire with more than ample cash. We never want to count on the kindness of strangers in order to meet tomorrow's obligations. When forced to choose, I will not trade even a night's sleep for the chance of extra profits.
At this point, when treasury bills, seven day treasury bills at 1/20th of one percent, it's not because people want to earn 1/20th of one percent, it's because they trust the fact the treasury will give it back to them next week.
We are in effect making a - to some extent, making a choice between future inflation and getting our - getting off the floor. And we're likely - we're likely to have more inflation in the future as a consequence of the things we do to fight the present situation.
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 are out of your mind if you keep taking jobs that you don't like because you think it will look good on your resume. Isn't that a little like saving up sex for your old age?