In the 20th century, the United States endured two world wars and other traumatic and expensive military conflicts; the Depression; a dozen or so recessions and financial panics; oil shocks; a flu epidemic; and the resignation of a disgraced president. Yet the Dow rose from 66 to 11,497.
Interpretation
Despite facing numerous challenges, the resilience of the economy is evident in its growth.
Warren Buffett's quote highlights the remarkable ability of the U.S. economy to not only survive but thrive in the face of various adversities and crises throughout the 20th century. The stunning increase in the Dow Jones Industrial Average from 66 to 11,497 symbolizes resilience and the long-term potential for growth, illustrating that even during challenging times, optimism and investment can lead to significant rewards.
In practice
During a keynote speech at an economic conference discussing the importance of perseverance in investments.
I have no views as to where it will be, but the one thing I can tell you is it won't do anything between now and then except look at you. Whereas, you know, Coca-Cola (KO) will be making money, and I think Wells Fargo (WFC) will be making a lot of money and there will be a lot - and it's a lot - it's a lot better to have a goose that keeps laying eggs than a goose that just sits there and eats insurance and storage and a few things like that.
If the world couldn't see your results, would you rather be thought of as the world's greatest investor but in reality have the world's worst record? Or be thought of as the world's worst investor when you were actually the best?
Cash never makes us happy, but it's better to have the money burning a hole in Berkshire's pocket than resting comfortably in someone else's.
I think you should read everything you can. In my case, by the age of 10, I'd read every book in the Omaha public library about investing, some twice. _x000D_ You need to fill your mind with various competing thoughts and decide which make sense.
The most common cause of low prices is pessimism - some times pervasive, some times specific to a company or industry. We want to do business in such an environment, not because we like pessimism but because we like the prices it produces. It's optimism that is the enemy of the rational buyer.
Oneβs objective should be to get it right, get it quick, get it out and get it over. Your problem wonβt improve with age.
Those who turn good organizations into great organizations are motivated by a deep creative urge and an inner compulsion for sheer unadulterated excellence for its own sake.
Once you agree upon the price you and your family must pay for success, it enables you to ignore the minor hurts, the opponent's pressure, and the temporary failures.
If you work just for money, you'll never make it, but if you love what you're doing and you always put the customer first, success will be yours.
When I was 12 years old, I was just horrible. My parents were ashamed to watch my matches. I would play on a court at the local club and they would watch from the balcony. They would scream, 'Be quiet' to me and I would scream back, 'Go and have a drink. Leave me alone.' Then we would drive home in a very quiet car. No one speaking to each other.
If you look at most successful startups, they're run by people in their mid to late forties, who've gone through the trenches multiple times and had multiple failures, so they understand.
Success must include two things: the development of an individual to his utmost potentiality and a contribution of some kind to one's world.
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