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.
I was never, ever interested in becoming a businessman or an entrepreneur. If I was a businessman, or saw myself as a businessman, I would have never gone into the airline business.
No young kid growing up dreams of someday becoming a businessman. He wants to be a fireman, a sponsored athlete or a forest ranger The Lee Iacoccas, Donald Trumps, and Jack Welchs of the business world are heroes to no one except other businessmen with similar values.
Let advertisers spend the same amount of money improving their product that they do on advertising and they wouldn't have to advertise it.
You have family-owned businesses that have been around for 500 years. You cannot name a corporation that survives intact for even a few decades.
A good company delivers excellent products and services, and a great company does all that and strives to make the world a better place.
Hierarchy is an organization with its face toward the CEO and its ass toward the customer.
Subscribe for the occasional hand-picked quote. No noise.