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.
When I started skating, it was such a small community. You didn't aspire to be rich or famous or make a career out of it because that wasn't something anyone had done yet.
I do not think much of the good luck theory of self-made men. It is worth but little attention and has no practical value.
I feel like I want to take care of everyone and I also feel this terrible guilt if I am unable to. And I have felt this way ever since all this success started.
Would you like me to give you a formula for success? It's quite simple, really. Double your rate of failure.
Sometimes you can be one of the best, but you don't accept that if you don't get the ring or win the Super Bowl. There's a lot of good teams between the Super Bowl winner and other teams. Once the Super Bowl is over, we lump everyone into the other 31, and that's not fair.
Great things are not accomplished by those who yield to trends and fads and popular opinion.
Subscribe for the occasional hand-picked quote. No noise.