Warren Buffett was on Charlie Rose this week. Charlie asked Warren why he ended his partnership in the 1960s. Here’s what Warren said:
I got out because I had a good record up till then. I had all these people counting on me. And I thought things were getting very speculative. And I didn’t know how to make money in that period. And I was competitive enough to feel that I didn’t want to do lousy compared to other people. And yet I didn’t want to do the things they were doing. So the only thing to do was to give the money back.