I do know that when I am 60, I should be attempting to achieve different personal goals than those which had priority at age 20.
Interpretation
Personal goals should evolve as we age and gain experience.
Warren Buffett's quote emphasizes the importance of adapting our personal ambitions as we progress through different stages of life. At 20, we may prioritize different achievements and aspirations compared to when we reach 60, reflecting our growth, changing values, and accumulated wisdom over the years.
In practice
During a motivational speech about setting life goals at different ages.
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.
The whole world, from the least to the greatest, must know the truth, so that man may understand the great laws that govern his life. He must learn to control his own destiny, to heal his own body and bring happiness to his own soul.
Be less curious about people and more curious about ideas.
In the end the great truth will have been learned that the quest is greater than what is sought, the effort finer that the prize (or rather, that the effort is the prize), the victory cheap and hollow were it not for the rigor of the game.
I have spent my years since Princeton, while at law school and in my various professional jobs, not feeling completely a part of the worlds I inhabit. I am always looking over my shoulder wondering if I measure up.
Nourish your hopes, but do not overlook realities.
A generous and elevated mind is distinguished by nothing more certainly than an eminent degree of curiosity.
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