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 think we control our environment, but in fact, it's our environment that controls us. We can't change the world. The only thing we can change is ourselves, by trying to get a better understanding of our own messed-up wiring.