If horses had controlled investment decisions, there would have been no auto industry.
Interpretation
This quote suggests that without intelligent decision-making, potentially groundbreaking industries may never have emerged.
Warren Buffett's quote highlights the importance of thoughtful and informed decision-making in investment and business. It implies that relying on instinct or outdated paradigms, as represented by 'horses', could prevent innovation, such as the creation of the auto industry. It serves as a reminder that progress comes from rational choices rather than traditional or instinctual views.
In practice
In a business meeting discussing new ventures, one might use this quote to emphasize the need for innovative thinking.
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.
When you have great joy, you will become Buddhas!
Insomnia is a gross feeder. It will nourish itself on any kind of thinking, including thinking about not thinking.
If you knew who walked beside you at all times, on the path that you have chosen, you could never experience fear or doubt again.
Of all the paths a man could strike into, there is, at any given moment, a best path .. A thing which, here and now, it were of all things wisest for him to do .. To find this path, and walk in it, is the one thing needful for him.
The scar will remain, but it is better for a man to lose both arms than his soul; and these hard years, instead of being lost, may be made the most precious of your lives, if they teach you to rule yourselves.
When I was younger, I was impressed by those who were educated, accomplished, successful, and applauded by the world. But over the years, I have come to the realization that I am far more impressed by those wonderful and blessed souls who are truly good and without guile.
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