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“I’d say that Berkshire Hathaway’s system is adapting to the nature of the investment problem as it really is. We’ve really made the money out of high quality businesses. In some cases, we bought the whole business. And in some cases, we just bought a big block of stock. But when you analyze what happened, the big money’s been made in the high quality businesses. And most of the other people who’ve made a lot of money have done so in high quality businesses.”

“By 'nationalism' I mean first of all the habit of assuming that human beings can be classified like insects and that whole blocks of millions and tens of millions of people can be confidently labeled 'good' or 'bad'...By 'patriotism' I mean devotion to a particular place and a particular way of life, which one believes to be best in the world but has no wish to force on other people. Patriotism is of its nature defensive, both militarily and culturally. Nationalism, on the other hand, is inseparable from the desire for power.”