Accounting is the language of business.
Interpretation
Accounting is essential for understanding and managing business operations.
This quote by Warren Buffett highlights the critical role of accounting in the business world. By referring to accounting as the 'language of business,' Buffett emphasizes the importance of financial statements and reporting in comprehending the health and performance of a business, akin to how language enables communication and understanding between people.
In practice
This quote could be used during a business seminar to emphasize the importance of financial understanding.
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.
If you believe your product or service can fulfill a true need, it's your moral obligation to sell it.
Owning a popular sports team is very different than any other type of business. They don't throw parades when Apple has the biggest quarter in corporate history. People don't call and email asking for anyone from the team to come visit their sick child. They don't cry as they request a jersey of their child's favorite player to be buried with them.
If your startup is only in the development or idea stage, there is almost no better predictor of failure - I mean, utter failure, scorched-earth bankruptcy - than raising too much money in the first round.
My concern is that we live in an economy in which stabbing someone and waiting for them to complain before we remove the knife has become the normal way of doing business. When did we lose sight of the fact that it's not nice to stab people in the first place?
If you don't drive your business, you will be driven out of business.
People are the core of every business. Businesses are based on relationships, and relationships are based on people. I would go to an average restaurant run by amazing people over an outstanding restaurant run by awful people.
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