An argument is made that there are just too many question marks about the near future; wouldn't it be better to wait until things clear up a bit? You know the prose: "Maintain buying reserves until current uncertainties are resolved," etc. Before reaching for that crutch, face up to two unpleasant facts: The future is never clear and you pay a very high price for a cheery consensus. Uncertainty actually is the friend of the buyer of long-term values.
Interpretation
The quote suggests embracing uncertainty in investing rather than waiting for conditions to improve.
Warren Buffett emphasizes the importance of recognizing that uncertainty is a constant in the investment world. Instead of waiting for clarity, which may never come, he advises investors to accept uncertainty as an ally when identifying long-term value. This perspective encourages proactive engagement in investment decisions, rather than being paralyzed by fear of the unknown.
In practice
In a financial seminar discussing investment strategies, this quote can be used to illustrate the importance of making investments despite market unpredictability.
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.
One’s objective should be to get it right, get it quick, get it out and get it over. Your problem won’t improve with age.
Is not a patron, my lord, one who looks with unconcern on a man struggling for life in the water, and when he has reached ground encumbers him with help? The notice which you have been pleased to take care of my labors, had it been early, had been kind; but it has been delayed till I am indifferent, and cannot enjoy it; till I am solitary, and cannot impart it; till I am known, and do not want it.
Hanging onto resentment is letting someone you despise live rent-free in your head.
The trite objects of human efforts-possessions, superficial success, luxury-have always seemed contemptible to me.
Self is the only prison that can ever bind the soul.
Right in the difficult we must have our joys, our happiness, our dreams: there against the depth of this background, they stand out, there for the first time we see how beautiful they are.
Saints spring and thrive most internally, when they are most externally afflicted. Afflictions are the mother of virtue.
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