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.
I always write the end of everything first. I always write the last chapters of my books before I write the beginning....Then I go back to the beginning. I mean, it's always nice to know where you're going is my theory.
It is better to be roughly right than precisely wrong.
Of the thousands of ways that humans differ from one another, turns out there's this one cluster of traits called conscientiousness that predict a whole host of positive life outcomes, such as longevity over our health, life satisfaction.
Their attitude is, 'okay, I am the customer. You are supposed to entertain me.' It's kind of a passive attitude they're taking, and to me it's kind of a pathetic thing. They do not know how interesting it is if you move one step further and try to challenge yourself with more advanced games.
Embrace suffering, and you transform your relationship with what causes you to suffer, as well as your relationship with suffering itself.
Let the gentle bush dig its root deep and spread upward to split one boulder.
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