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In your own life what you want to maximize is a seamless web of deserved trust. He knows how to take all of his brains and all of his energy and all of his thought and focus exactly on a single problem , to the exclusion of anything else. Charlie has a desire to understand exactly what makes things happen.

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Anything that comes to his attention, he wants to know more about it and understand it and figure out what makes it tick. My children laugh at me. I am a biography nut myself. I think you learn economics better if you make Adam Smith your friend. Perhaps I have some streak of generosity in my nature and a desire to serve values that transcend my brief life. Who knows? I believe in the discipline of mastering the best that other people have ever figured out.

Life is more than being shrewd in wealth accumulation. A lot of success in life and business comes from knowing what you want to avoid: early death, a bad marriage, etc. Just avoid things like AIDS situations, racing trains to the crossing, and doing cocaine. Develop good mental habits.

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The idea of caring that someone is making money faster [than you are] is one of the deadly sins. Why would you want to get on that trolley? We get these questions a lot from the enterprising young. Spend each day trying to be a little wiser than you were when you woke up. Discharge your duties faithfully and well. Step by step you get ahead, but not necessarily in fast spurts. But you build discipline by preparing for fast spurts…. Slug it out one inch at a time, day by day.

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At the end of the day-if you live long enough-most people get what they deserve. Meeting all three is nearly impossible, but you should try anyway:. Step-by-step you get ahead, but not necessarily in fast spurts. But you build discipline by preparing for fast spurts.

Slug it out one inch at a time, day-by-day, and at the end of the day-if you live long enough-like most people, you will get out of life what you deserve. Life and its various passages can be hard, brutally hard. The three things I have found helpful in coping with its challenges are:. Above all, live with change and adapt to it. The quotes, talks, and speeches presented here are rooted in the old-fashioned Midwestern values for which Charlie has become known:. Charlie has developed an unusual additional attribute-a willingness, even an eagerness, to identify and acknowledge his own mistakes and learn from them.

We believe there should be a huge area between everything you should do and everything you can do without getting into legal trouble. What matters most passion or competence that was inborn? Berkshire is full of people who have a peculiar passion for their own business. I would argue passion is more important than brain power. Take a simple idea and take it seriously.

We try more to profit from always remembering the obvious than from grasping the esoteric. It is remarkable how much long-term advantage people like us have gotten by trying to be consistently not stupid, instead of trying to be very intelligent. The net result of this broad-spectrum analysis is a heightened understanding for how the many factors affecting an investment candidate blend and link to one another. Other times the factors employed combine to create enormous lollapalooza-level results, good or bad.