One could imagine a period like Japan13 years ago, however, in which indexing over time wouldn't work.

I think the idea that the hedge fund manager gets lower taxes than the taxi driver or the physics professor is insane. The legislators who leave that policy in place are derelict in their duties to be rational and fair. There are plenty of them in both political parties. It's totally outrageous.

Black-Scholes works for short-term options, but if it's a long-term option and you think you know something [about the underlying asset], it's insane to use Black-Scholes.

What matters most: passion or competence that was born in? Berkshireis full of people who have a peculiar passion for their own business. I would argue passion is more important than brain power.

If you have competence, you pretty much know its boundaries already. To ask the question (of whether you are past the boundary) is to answer it.

I don't want to understand Facebook.

I never allow myself to have an opinion on anything that I don't know the other side's argument better than they do.