"There’s a whole group of companies, a very large group of companies, that Charlie and I just don’t know how to value. And that doesn’t bother us. I mean, we don’t know how to figure out what cocoa beans are going to do, or the Russian ruble—there’s all kinds of financial instruments that we just don’t feel we have the knowledge to evaluate. And really, it might be a little too much to expect that somebody would understand every business in the world. And we find some that are much harder for us to understand. And when I say understand, my idea of understanding a business is that you’ve got a pretty good idea where it’s going to be in ten years. And I just can’t get that conviction with a lot of businesses, whereas I can get it with relatively few. But I only need a few." --Warren Buffett (1997)
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Related book: Leadership Strategy and Tactics: Field ManualRadiolab Podcast: 60 Words (LINK)
This hour we pull apart one sentence, written in the hours after September 11th, 2001, that has led to the longest war in U.S. history. We examine how just 60 words of legal language have blurred the line between war and peace.