Banking is very good business if you don't do anything dumb.
Interpretation
Success in banking requires smart decisions and avoiding foolish actions.
Warren Buffett's quote emphasizes that banking, as a business, can be highly profitable if one exercises caution and avoids making unwise decisions. It highlights the importance of strategic thinking and prudence in financial matters to achieve success in the banking industry.
In practice
Using this quote during a financial seminar to stress the importance of smart 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.
My half-baked reading of history is that we continue to go through these waves of entrepreneurial explosion followed by merger mania and consolidation. Out of that come big sluggish companies that eventually collapse under the weight of what they've created, and are killed off by the next wave of entrepreneurs.
Quit being 'busy' and start actively owning and operating your company, and you'll be able to understand where the money is coming from and how to make more of it.
I don't know why the word 'solopreneur' is in our lexicon. Nobody can physically do it all by themselves, and more importantly, why would they want to? Being the sales team, the HR department, management, and production all by yourself is terrible. Period.
Business is not just doing deals; business is having great products, doing great engineering, and providing tremendous service to customers. Finally, business is a cobweb of human relationships.
A good company delivers excellent products and services, and a great company does all that and strives to make the world a better place.
Statistics suggest that when customers complain, business owners and managers ought to get excited about it. The complaining customer represents a huge opportunity for more business.
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