The less prudence with which others conduct their affairs, the greater the prudence with which we should conduct our own affairs.
Interpretation
We should exercise more caution in our own actions when we observe a lack of caution in others.
Warren Buffett's quote emphasizes the importance of prudence and careful decision-making, especially in a world where others may act recklessly. It suggests that the behavior of those around us can serve as a reminder to be more deliberate and thoughtful in our own choices, ensuring that we navigate our own affairs with greater care.
In practice
This quote can be shared during a business meeting to emphasize the need for careful planning.
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.
The ability to dream is all I have to give. That is my responsibility; that is my burden. And even I grow tired.
I don't know if I have a memory of not thinking I was a writer - it goes that far back. I went to law school because I didn't know how to earn a living otherwise. I tried to ignore the pull, but it wouldn't let me.
To agree without understanding is inane. To disagree without understanding is impudent.
The path of compassion leads to the development of insight. But it doesn't work to say, "Ready, set, go! Be compassionate!" Beginning any practice depends on intention. Intention depends on intuiting-at least a little bit-the suffering inherent in the human condition and the pain we feel, and cause, when we act out of confusion. It also depends on trusting-at least a little bit-in the possibility of a contented, satisfied mind.
In dealing with those who are undergoing great suffering, if you feel "burnout" setting in, if you feel demoralized and exhausted, it is best, for the sake of everyone, to withdraw and restore yourself. The point is to have a long-term perspective.
Bless a thing and it will bless you. Curse it and it will curse you....If you bless a situation, it has no power to hurt you, and even if it is troublesome for a time, it will gradually fade out, if you sincerely bless it.
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