I bought a company in the mid-90s called Dexter Shoe and paid $400 million for it. And it went to zero. And I gave about $400 million worth of Berkshire stock, which is probably now worth $400 billion. But I've made lots of dumb decisions. That's part of the game.

Today people who hold cash equivalents feel comfortable. They shouldn't. They have opted for a terrible long-term asset, one that pays virtually nothing and is certain to depreciate in value.

Charlie [Munger] and I are not big fans of resumes. Instead, we focus on brains, passion and integrity.

In my view, [the trade deficit] will create political turmoil at some point...Pretty soon, I think there will be a big adjustment.

There's always a mismatch. I mean, you know, as the economy evolves, it reallocates resources. Now, the real problem, in my view, is - this has been - the prosperity has been unbelievable for the extremely rich people. If you go to 1982, when Forbes put on their first 400 list, those people had $93 billion. They now they have $2.4 trillion, 25 for one. That is - this has been a prosperity that's been disproportionately rewarding to the people on top.

I really like my life. I've arranged my life so that I can do what I want.

The best thing I did was choose the right heroes.