We all make mistakes. If you can't make mistakes, you can't make decisions. I've made a lot bigger mistakes myself.

Charlie and I decided long ago that in an investment lifetime, it's too hard to make hundreds of smart decisions. That judgment became ever more compelling as Berkshire's capital mushroomed and the universe of investments that could significantly affect our results shrank dramatically. Therefore, we adopted a strategy that required our being smart and not too smart at that, only a very few times. Indeed, we now settle for one good idea a year.

It is better to point out your own mistakes than have somebody else do it.

Never get too hung up on mistakes.

I want to be able to explain my mistakes. This means I do only the things I completely understand.