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.
One of the characteristics of successful scientists is having courage. Once you get your courage up and believe that you can do important problems, then you can. If you think you can't, almost surely you are not going to.
Often the difference between a successful person and a failure is not one has better abilities or ideas, but the courage that one has to bet on one's ideas, to take a calculated risk - and to act.
A lack of money is never, ever, ever a problem. A lack of money is merely a symptom of what is going on underneath.
Some people obtain fame, others deserve it.
Success is determined not by whether or not you face obstacles, but by your reaction to them. And if you look at these obstacles as a containing fence, they become your excuse for failure. If you look at them as a hurdle, each one strengthens you for the next.
There may be people who have more talent than you, but there's no excuse for anyone to work harder than you do - and I believe that.
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