The big question about how people behave is whether they've got an Inner Scorecard or an Outer Scorecard. It helps if you can be satisfied with an Inner Scorecard.
Interpretation
The quote emphasizes the importance of self-assessment over external validation in evaluating one's behavior and success.
Warren Buffett's quote addresses the concept of measuring personal behavior and achievements through an 'Inner Scorecard,' which reflects one's own values and criteria, rather than an 'Outer Scorecard,' which relies on societal expectations and external opinions. By focusing on internal satisfaction and standards, individuals can lead more fulfilling lives that align with their true selves, rather than being swayed by the perceptions of others.
In practice
During a motivational speech about achieving personal goals.
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.
In many shamanic societies, if you came to a medicine person complaining of being disheartened, dispirited, or depressed, they would ask one of four questions: 'When did you stop dancing? When did you stop singing? When did you stop being enchanted by stories? When did you stop being comforted by the sweet territory of silence?'
But God is the God of our yesterdays, and He allows the memory of them to turn the past into a ministry of spiritual growth for our future. God reminds us of the past to protect us from a very shallow security in the present.
To be born as a human being is a rare thing, something to be grateful for. But being born as a human being is worthless if you spend your whole life in a mental hospital. It is worthless if you worry about not having money. It is worthless if you become neurotic because you cannot get a prestigious job. It is worthless if you weep because you lose your girlfriend.
I have lived to see that being seventeen is no protection against becoming seventy, but to know this needs the experience of a lifetime, for no imagination copes with it.
In the stories of extravagant grace given to us by Jesus, there are no loopholes disqualifying us from God's love.
I think that if you live long enough, you realize that so much of what happens in life is out of your control, but how you respond to it is in your control. That's what I try to remember.
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