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.
The gear you can't afford is not the barrier keeping you from success. Gear has very little to do with photography.
The high point for me in my career was when Sinatra called me his favourite performer in the Fifties. And I've been sold out ever since.
Firmness of purpose is one of the best instruments of success.
The two are not mutually exclusive, but we think we can have wealth without good ideas and without values and without a clear vision. Wealth without vision is insanity.
The business of feeding people is the most amazing business in the world.
No matter what one does, regardless of failure or success, the experience is a form of success in itself.
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