You're Giving All the Money Back

Berkshire Hathaway is an unusually rational place, says Buffett. No external factors are pressing on us, and that's a great way to operate, he says. We have no... If we do something stupid, it's because we did something stupid. The market left us, but we are not about to do something where we get paid 90 cents for running a probabilistic loss of a dollar. That just doesn't make any sense, and we won't do it."