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.
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.
In all honesty, once you become a professional, number one, you're no longer a fan. I don't root for the Dodgers, really. I just try to do the game as best I can. And the winning and the losing will take care of itself.
It's a scary thing going into the workforce with a $50,000 debt and you've been trained as a classical theatre actor. There's always a depression in the theatre.
There is no relief at it being over. There is the joy of winning it.
Everybody is looking for instant success, but it doesn't work that way. You build a successful life one day at a time.
When a great team loses through complacency, it will constantly search for new and more intricate explanations to explain away defeat.
Perez Hilton is brilliant to me. Because he’s taken something that people don’t think is valid, don’t think is important, and he’s made them obsessed with it. People are obsessed with him. They’re obsessed with his site, they’re obsessed with what he does. They love him. They all love him. They love you, they hate you, what you don’t want is indifference. The day that I put a record out that nobody says a damn thing about, that’s bad.
Subscribe for the occasional hand-picked quote. No noise.