I insist on a lot of time being spent, almost every day, to just sit and think. That is very uncommon in American business. I read and think. So I do more reading and thinking, and make less impulse decisions than most people in business. I do it because I like this kind of life.
Interpretation
Taking time to think and reflect leads to better decision-making in business.
In this quote, Warren Buffett emphasizes the importance of dedicating time to thoughtful reflection and reading, which he believes are essential for sound decision-making in business. Contrary to the fast-paced nature of American business culture, he advocates for a more deliberate approach, suggesting that this practice not only improves judgment but also aligns with his personal values and lifestyle.
In practice
In a motivational speech about leadership, one might say, 'As Warren Buffett emphasizes, spending time to think can transform your decision-making process.'
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.
I grew up Presbyterian. Presbyterians thought the Methodists were wrong. Catholics thought all Protestants were wrong. The Jews thought the Christians were wrong. So, what I'm financing is humility. I want people to realize that you shouldn't think you know it all.
Like it or not, i was already learning that in the worst and darkest time, I would find specks of light, moments of joy. What I didn't want to learn was the other, harsher lesson - that in life's brightest moments there would also be unbearable pain. p 87
Wisdom, humanity & courage, these three are universal virtues. The way by which they are practiced are one.
To paraphrase several sages: Nobody can think and hit someone at the same time.
He who understands Archimedes and Apollonius will admire less the achievements of the foremost men of later times.
It is safer to offend certain men than it is to oblige them; for as proof that they owe nothing they seek recourse in hatred.
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