Berkshireis not as good as it was in terms of percentage compounding [going forward], but it's still a hell of a business.

Whenever you think something or some person is ruining your life, it's you. A victimization mentality is so debilitating.

Sears had layers and layers of people it didn't need. It was very bureaucratic. It was slow to think. And there was an established way of thinking. If you poked your head up with a new thought, the system kind of turned against you. It was everything in the way of a dysfunctional big bureaucracy that you would expect.

Your life must focus on the maximization of objectivity.

Even bright people are going to have limited, really valuable insights in a very competitive world when they're fighting against other very bright, hardworking people. And it makes sense to load up on the very few good insights you have instead of pretending to know everything about everything at all times.

It never ceases to amaze me to see how much territory can be grasped if one merely masters and consistently uses all the obvious and easily learned principles.

I call myself the assistant cult leader.