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

Some years ago one oil company bought a fertilizer company, and every other major oil company practically ran out and bought a fertilizer company. And there was no more damned reason for all these oil companies to buy fertilizer companies, but they didn't know exactly what to do, and if Exxon was doing it, it was good enough for Mobil and vice versa.

When you mix raisins and turds, you've still got turds.

There are exceptional loyalties and there are old fashion ideas about how you get loyalties, and after all the auditorium is full of people who have co-owned shares with the managers for many decades, and in many cases they co-invested when everyone was young and obscure. Also when you come back to a place like that you are celebrating old loyalties, and of course the basic idea behind so much of Berkshire is the old fashioned idea that the best way to get loyalty is to deserve loyalty.

The game is to keep learning, and I don't think people are going to keep learning who don't like the learning process.

Invert, always invert.

We have never had the will to enforce the immigration laws. What you see is what you'll continue to get.