The use of a growing array of derivatives and the related application of more-sophisticated approaches to measuring and managing risk are key factors underpinning the greater resilience of our largest financial institutions... Derivatives have permitted the unbundling of financial risks.
At Berkshire, I both initiate and monitor every derivatives contract on our books ... If Berkshire ever gets in trouble, it will be my fault. It will not be because of the misjudgments made by a risk committee or chief risk officer.
Have I not walked without an upward look Of caution under stars that very well Might not have missed me when they shot and fell? It was a risk I had to take-and took.
To stake all one's life on a single moment, to risk everything on one throw, whether the stake be power or pleasure, I care not - there is no weakness in that.