Never be afraid to ask for too much when selling or offer too little when buying.
Interpretation
It's important to negotiate boldly and have confidence in your value when dealing in transactions.
Warren Buffett's quote emphasizes the significance of confidence in negotiation. When selling, one should not shy away from aiming high, as it can lead to better outcomes, while buyers should be cautious about undervaluing the worth of what they seek. This mindset encourages assertiveness and the pursuit of fair value in financial dealings.
In practice
During a business meeting where pricing is discussed.
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.
There's a plaque on our wall that says we've sold over 65 million albums, and I don't feel I've accomplished anything. I feel like I'm just getting started.
I'm a basketball player. That's what I do and what I love but that's just not all who I am. I'm talented in a lot of different areas.
When I'm done skating, I guarantee you that I will not look back and remember standing on the podium. I'm going to remember these days - being with the team. Training alone, in my basement. Training when everybody else is sleeping. Doing things that nobody else is doing. Digging down. Seeing what kind of character I truly have. I love that stuff.
I had to make my own living and my own opportunity. But I made it!
Opportunity is latent in the very foundation of human society. Opportunity is everywhere about us. But the preparation to seize upon the opportunity, and to make the most of it, is to be made by every one for himself ... he will be self-made or never made.
Take a moment to think about your answer to this question: Am I prepared to have great success and not get any credit for it?
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