If you get to my age in life and nobody thinks well of you, I don't care how big your bank account is, your life is a disaster.
Interpretation
True success is measured by how you are perceived by others rather than material wealth.
Warren Buffett's quote emphasizes that reaching an advanced age without having earned respect and positive regard from others signifies a failure in life, regardless of financial wealth. It suggests that personal relationships and reputation are far more valuable than monetary riches, highlighting the importance of character and the impact one has on the lives of others over time.
In practice
In a graduation speech to remind students that character is more important than wealth.
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.
Entrepreneurs constantly confuse what they do with who they are. We're all certainly responsible for what we do, but failing doesn't make us bad people and succeeding doesn't make us omniscient.
I had noticed that many of these successful people, historical and contemporary, shared certain common traits. They had a way of thinking that was exceptionally fluid; they could adapt to almost any circumstance; when confronted with problems, they could look at them from novel perspectives and solve them.
There is no such thing as a natural born pilot. Whatever my aptitudes or talents, becoming a proficient pilot was hard work, really a lifetime's learning experience. For the best pilots, flying is an obsession, the one thing in life they must do continually. The best pilots fly more than the others; that's why they're the best. Experience is everything. The eagerness to learn how and why every piece of equipment works is everything. And luck is everything, too.
I found that the men and women who got to the top were those who did the jobs they had in hand, with everything they had of energy and enthusiasm and hard work.
If you wish to succeed, you must brave the risk of failure.
I have always found that my view of success has been iconoclastic: success to me is not about money or status or fame, its about finding a livelihood that brings me joy and self-sufficiency and a sense of contributing to the world.
Subscribe for the occasional hand-picked quote. No noise.