Only when you combine sound intellect with emotional discipline do you get rational behavior.
Interpretation
Rational behavior arises from the balance of intellect and emotional control.
Warren Buffett's quote emphasizes that true rationality is achieved when one merges analytical thinking with emotional discipline. This suggests that simply being intelligent is not enough; one must also manage their emotions effectively to make sound decisions and behave rationally in various situations.
In practice
This quote can be used in a seminar on decision-making skills.
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.
Don't surrender all your joy for an idea you used to have about yourself that isn't true anymore.
I don't think that writer's block exists really. I think that when you're trying to do something prematurely, it just won't come. Certain subjects just need time, as I've learned over and over again. You've got to wait before you write about them.
My aim, then, was to whip the rebels, to humble their pride, to follow them to their inmost recesses, and make them fear and dread us. Fear is the beginning of wisdom.
Being ignorant is not so much a shame, as being unwilling to learn.
Being deeply knowledgeable on one subject narrows one's focus and increases confidence, but it also blurs dissenting views until they are no longer visible, thereby transforming data collection into bias confirmation and morphing self-deception into self-assurance.
When you realize where you come from, you naturally become tolerant, amused, kindhearted as a grandmother, and dignified as a king. Immersed in wonder, you can deal with whatever life brings you, and when death comes, you are ready.
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