Only when the tide goes out do you discover who's been swimming naked.
Interpretation
Challenges reveal true character and preparedness.
This quote by Warren Buffett suggests that during times of difficulty or economic downturns, one can truly see who is capable and who is not. It serves as a metaphor for how adverse situations expose vulnerabilities that are otherwise hidden when times are good, helping to distinguish between those who are genuinely prepared and those who are not.
In practice
In a business meeting discussing financial strategies during a recession.
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.
Even success softens not the heart of the envious.
Nothing has transformed my life more than realizing that it's a waste of time to evaluate my worthiness by weighing the reaction of the people in the stands.
There are no mistakes only opportunities.
There are many victories worse than a defeat.
This was a new recognition that perfection is admirable but a trifle inhuman, and that a stumbling kind of semi-success can be much more warming. Most of all, perhaps, these exultant yells for the Mets were also yells for ourselves, and came from a wry, half-understood recognition that there is more Met than Yankee in every one of us. I knew for whom that foghorn blew; it blew for me.
All blame is a waste of time. No matter how much fault you find with another, and regardless of how much you blame him, it will not change you. The only thing blame does is to keep the focus off you when you are looking for external reasons to explain your unhappiness or frustration. You may succeed in making another feel guilty about something by blaming him, but you won't succeed in changing whatever it is about you that is making you unhappy.
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