I’ve worked in an economy that rewards someone who saves the lives of others on a battlefield with a medal, rewards a great teacher with thank-you notes from parents, but rewards those who can detect the mispricing of securities with sums reaching into the billions.
Interpretation
This quote highlights the discrepancy between societal values and the rewards given to different professions.
Warren Buffett emphasizes the irony in how society values various professions differently, suggesting that extraordinary contributions to humanity, like saving lives or teaching, garner little monetary reward compared to financial gains made from economic activities like trading. This quote provokes thought about what we prioritize and reward in our economy and challenges us to reflect on our values regarding professions that contribute to society.
In practice
This quote can be shared during a graduation speech to inspire future educators and humanitarian workers.
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.
We put pride into everything like salt. We like to see that our good works are known. If our virtues are seen, we are pleased; if our faults are perceived, we are sad. I remark that in a great many people; if one says anything to them, it disturbs them, it annoys them. The saints were not like that - they were vexed if their virtues were known, and pleased that their imperfections should be seen.
The human condition: lost in thought.
Remember: The best deceivers do everything they can to cloak their roguish qualities. They cultivate an air of honesty in one area to disguise their dishonesty in others. Honesty is merely another decoy in their arsenal of weapons.
You can't control the fact that you are born a white man or born into wealth. When people say, 'Check your privilege,' they're saying, 'Acknowledge how these factors helped you move through life.' They're not saying apologize for it.
If we spoke a different language, we would perceive a somewhat different world.
There is not a thing as the wrong place, or the wrong time. We are where we are at the only time we have. Perhaps it's where we're meant to be.
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