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.
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.
Folly consists not in committing Folly, but in being incapable of concealing it. All men make mistakes, but the wise conceal the blunders they have made, while fools make them public. Reputation depends more on what is hidden than on what is seen. If you can’t be good, be careful.
Son of Heav'n and Earth, Attend: that thou art happy, owe to God; That thou continuest such, owe to thyself, That is, to thy obedience; therein stand.
This grieved me heartily ; and now I saw, though too late, the folly of beginning a work before we count the cost, and before we judge rightly of our own strength to go through with it.
I don't journal to 'be productive.' I don't do it to find great ideas or to put down prose I can later publish. The pages aren't intended for anyone but me. It's the most cost-effective therapy I've ever found.
You cannot look at a person and judge him or her by the color of their skin.
A man has to work so hard so that something of his personality stays alive. A tomcat has it so easy, he has only to spray and his presence is there for years on rainy days.
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