past. But Buffett was still powerful enough to give the keynote address on the final day of the conference.

He thought long and hard about that speech and spent weeks preparing for it. After warming up the crowd with a charmingly self-deprecating story—Buffett used to dread public speaking until he took a Dale Carnegie course—he told the crowd, in painstaking, brilliantly analyzed detail, why the tech-fueled bull market wouldn't last. Buffett had studied the data, noted the danger signals, and then paused and reflected on what they meant. It was the first public forecast he had made in thirty years.

The audience wasn't thrilled, according to Schroeder. Buffett was raining on their parade. They gave him a standing ovation, but in private, many dismissed his ideas. "Good old Warren," theyterm of praise.

Similarly, Chinese high school students tell researchers that they prefer friends who are "humble" and "altruistic," "honest" and "hardworking," while American high school students seek out the "cheerful," "enthusiastic," and "sociable." "The contrast is striking," writes Michael Harris Bond, a cross-cultural psychologist who focuses on China. "The Americans emphasize sociability and prize those attributes that make for easy, cheerful association. The Chinese emphasize deeper attributes, focusing on moral virtues and achievement."

Another study asked Asian-Americans and European-Americans to think out loud while solving reasoning problems, and found that the Asians did much better when they were allowed to be quiet, compared to the Caucasians, who performed well when vocalizing their problem-solving.

These results would not surprise anyone familiar with traditional Asian attitudes to the spoken word: talk is