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.
That some achieve great success, is proof to all that others can achieve it as well.
Successful people do what unsuccessful people are not willing to doDon't wish it were easier, wish you were better.
Work only on problems that are manifestly important and seem to be nearly impossible to solve. That way you will have a natural market for your product and no competition.
Founding a company is hard. Most of it isn't smooth. You'll have to make very hard decisions. You have to fire a few people. Therefore, if you don't believe in your mission, giving up is easy. The majority of founders give up. But the best founders don't give up.
Each of us, every day, through the jobs we do, are offered a shot at greatness, an opportunity to reach immortality.
My definition of success is to live your life in a way that causes you to feel a ton of pleasure and very little pain - and because of your lifestyle, have the people around you feel a lot more pleasure than they do pain.
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