's 99-year-old vice-chairman spoke to Buffett's investment manager at a"Singleton Prize for CEO Excellence" event in April 2022. He emphasized the importance of focus, patience, and independent thought for anyone hoping to beating the market.
2."I just stay away from the problems that can't be fixed and pick the ones that can – I don't like unlimited failure. I don't want to fish forever and never catch a fish. I have to have some reinforcement. So I pick some things that can be done and do them." 4."There's huge potential if you can do the compounding correctly, but it's very hard to do. The competition is very, very intense. You have to stay out of the seductive craziness that goes on around you all the time, when there are huge incentive pressures, and we all like to do what other people are doing. None of us wants to move to the North Pole and sit there while making $100 million. We all like to be in a pleasant places like Beverly Hills, having an expensive breakfast.
6."They love gambling, and the trouble is, it's like taking heroin. A certain percentage of people when they start just overdo it. It's that addictive. It's absolutely crazy, it's gone berserk. Civilization would have been7."Now, what earthly good is it for our country to make the casino part of capitalism more and more efficient, and more and more attractive, and more and more seductive? It's an insane public policy. It causes terrible things.