By setting up Berkshire Hathaway, Warren has done everything very rationally.
You know, people tend to like to buy companies that are doing well.
Warren is a very good judge of people and he's a very good judge of businesses.
We do not spend a great deal of time talking to management.
Use book value as a starting point to try and establish the value of the enterprise.
Remember that a share of stock represents a part of a business and is not just a piece of paper.