The good news may be that Nature is phasing out the white man, but the bad news is that's who She thinks we all are.
The investment business has taught me – increasingly as the years have passed – that people, especially investors (and, I believe, Americans), prefer good news and wishful thinking to bad news; and that there are always vested interests to offer facile, optimistic alternatives to the bad news.
People do not like to have their favorite myths of idols challenged and as a rule I think that the public does not like bad news.
I have got this letter which actually goes out the day after I die. It has already been written. And it says that: "Yesterday I died". And then it says: "That's bad news for me, but it's not bad news for you, the shareholders of Berkshire". And then I go on and explain what is going to happen. I know that is one time when they will be really interested in hearing from me.
I mean, the idea that Bar could have sent him off on a Grand Tour. But he wasn't the least bit interested. Why? Why isn't he interested in the world? Because here's the bad news for him: He's in the world now.
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