The key to success is emotional stability.
Interpretation
Emotional stability is crucial for achieving success.
Warren Buffett emphasizes that maintaining emotional stability is essential for success. This means managing one's emotions effectively to make sound decisions and navigate challenges without being swayed by temporary feelings or stressors, ultimately leading to better outcomes in both personal and professional endeavors.
In practice
In a motivational speech about overcoming obstacles in business.
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.
All of the teams in this league that have won multiple championships, they didn't come out the gate winning. Sometimes you have to take those hits to understand what it takes to win.
Excellence is never granted to man but as the reward of labor. It argues no small strength of mind to persevere in habits of industry without the pleasure of perceiving those advances, which, like the hand of a clock, whilst they make hourly approaches to their point, yet proceed so slowly as to escape observation.
If you're running a business for the long term, the last thing you should be doing is borrowing money to buy back stock.
Put your heart, mind, and soul into even your smallest acts. This is the secret of success.
I just remember watching Federer the first year he won Wimbledon. He was struggling with his back problem. I remember it vividly. It looked like there was a chance he was not going to finish. He had that look in his eye. Then, somehow, he found the wherewithal to dig a little deeper, and suddenly he wins the thing, and he's a different player.
Celebrate your success and stand strong when adversity hits, for when the storm clouds come in, the eagles soar while the small birds take cover.
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