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I want to give my kids enough so that they could feel that they could do anything, but not so much that they could do nothing
I don't have a problem with guilt about money. The way I see it is that my money represents an enormous number of claim checks on society. It's like I have these little pieces of paper that I can turn into consumption. If I wanted to, I could hire 10,000 people to do nothing but paint my picture every day for the rest of my life. And the GNP would go up. But the utility of the product would be zilch, and I would be keeping those 10,000 people from doing AIDS research, or teaching, or nursing. I don't do that though. I don't use very many of those claim checks. There's nothing material I want very much. And I'm going to give virtually all of those claim checks to charity when my wife and I die.
I'll tell you why I like the cigarette business. It cost a penny to make. Sell it for a dollar. It's addictive. And there's a fantastic brand loyalty.
I personally think that society is responsible for a very significant percentage of what I've earned. If you stick me down in the middle of Bangladesh or Peru or someplace, you find out how much this talent is going to produce in the wrong kind of soil... I work in a market system that happens to reward what I do very well - disproportionately well. Mike Tyson, too. If you can knock a guy out in 10 seconds and earn $10 million for it, this world will pay a lot for that. If you can bat .360, this world will pay a lot for that. If you're a marvelous teacher, this world won't pay a lot for it. If you are a terrific nurse, this world will not pay a lot for it. Now, am I going to try to come up with some comparable worth system that somehow (re)distributes that? No, I don't think you can do that. But I do think that when you're treated enormously well by this market system, where in effect the market system showers the ability to buy goods and services on you because of some peculiar talent - maybe your adenoids are a certain way, so you can sing and everybody will pay you enormous sums to be on television or whatever -I think society has a big claim on that.
Read 500 pages every day. That’s how knowledge works. It builds up, like compound interest. All of you can do it, but I guarantee not many of you will do it.”
Quotes from the news wire:
Dairy Queen says Dairy Queen doesn't know the price of oil next year. Nobody does, but we decided it made sense.
Found on CNN 1 month ago
Lose money for the firm, and I will be understanding ; lose a shred of reputation for the firm, and I will be ruthless.
Found on CNN 4 months ago
Berkshire will be the perfect permanent home for Alleghany, a company that I have closely observed for 60 years, i am particularly delighted that I will once again work together with Joseph Brandon, Joseph Brandon.
Found on CNN 6 months ago
The Berkshire Hathaway CEO're looking at an 89-year-old guy that's barely beginning to be with Berkshire Hathaway.
Found on CNN 2 years ago
I think generally third party candidates are going to hurt one side or the other and I think they're more likely to hurt the side that they favor because they're closer to that view, i hope no third party candidate runs that pulls any significant amount of votes. I think third party candidates can thwart the will of the people.
These moves were overdue, berkshire is now far better managed than when I alone was supervising operations. Ajit and Greg have rare talents, and Berkshire blood flows through their veins.
Found on FOX News 3 years ago
Anything that makes Volvo Cars safer is very pro-social, and it's bad for the auto insurance industry, volvo Cars have been made way, way safer, but now when you start making the driver safer, that would be a big, big jump, and Volvo Cars will happen some day, and when it happens there will be a lot less auto insurance written.
Anything that makes cars safer is very pro-social, and it's bad for the auto insurance industry, cars have been made way, way safer, but now when you start making the driver safer, that would be a big, big jump, and that will happen some day, and when it happens there will be a lot less auto insurance written.
What has happened is that despite this incredible bounty, millions and millions and millions of Americans have been left behind, the game has been stacked in their direction. That is a primary reason... why I am going to be so delighted when Secretary Clinton takes the oath of office.
Found on CNN 6 years ago
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