Guy Spier

Over the time that I followed Warren Buffett, one CFO told me, it's very important to pay attention not only to what Warren Buffett says and what he actually does - often there are subtle differences between the two.

I do not use short selling. The fund has not shorted a stock since the 2002 to 2003 time frame. At that time I did short three stocks, on which I broke even on two and made money on one of them. The experience taught me that I was not going to be using short selling going forward for a slew of reasons.

We need the humbleness and clarity to see that our food, while benefitting from technological advances, has benefitted even more from free ecological resources: Cheap energy, lots of water everywhere, and a stable climate.