If you lose money for the firm, I will be forgiving. If you lose reputation, I will be ruthless.
Interpretation
Warren Buffett emphasizes the importance of reputation over financial loss.
In this quote, Warren Buffett highlights that while financial setbacks may be regarded with understanding, damage to one's reputation is far more serious and cannot be easily repaired. He suggests that maintaining a good reputation is crucial in business and life, and that actions which harm one's reputation will be met with serious consequences.
In practice
In a business meeting discussing risk management and ethics.
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 plunged into the job of creating something from nothing.... Though I hadn't a penny left, I considered cash money as the smallest part of my resources. I had faith in a living God, faith in myself, and a desire to serve.
Values cannot be speedily forgotten if it is inconvenient or commercially expedient. Values have to have meaning and longevity; otherwise they are valueless. You cannot embrace innovation up to a point or only sometimes. Branding demands commitment; commitment to continual re-invention; striking cords with people to stir their emotions; and commitment to imagination. It is easy to be cynical about such things, much harder to be successful.
The only way I know to be awesome at startups is to be obsessively focused and pegged to the floor of the deep end, gasping for air.
When you prohibit failure, you kill innovation. If you kill innovation in fundraising, you can't raise more revenue. If you can't raise more revenue, you can't grow. And if you can't grow, you can't possibly solve large social problems.
Much of our American progress has been the product of the individual who had an idea; pursued it; fashioned it; tenaciously clung to it against all odds; and then produced it, sold it, and profited from it.
It is time to stop looking outside yourself for the answers to why you haven't created the life and results you want, for it is you who creates the quality of life you lead and the results you produce. You-no one else! To achieve major success in life-to achieve those things that are most important to you-you must assume 100% responsibility for your life. Nothing less will do.
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