Buffett said it himself in couple of his annual reports although I cannot remember right now which one. I will reply tomorrow if I can remember till then you c

Buffett said it himself in couple of his annual reports although I cannot remember right now which one. I will reply tomorrow if I can remember till then you can read what Charlie Munger (Berkshire Hathway's VP) has to say on this http://www.gsb.stanford.edu/sites/default/files/38_Munger_0.pdf http://www.gsb.stanford.edu/sites/default/files/38_Munger_0.... ( Page 3) and check out Alice Schroeder's comments https://www.youtube.com/watch?v=PnTm2F6kiRQ&feature=youtu.be&t=39m50s https://www.youtube.com/watch?v=PnTm2F6kiRQ&feature=youtu.be...