We don't get paid for activity, just for being right. As to how long we'll wait, we'll wait indefinitely.
Interpretation
Success comes from making the right decisions rather than just being busy.
Warren Buffett's quote emphasizes the importance of making sound judgments over merely being active or busy in our endeavors. It suggests that true success is determined not by the amount of work we do, but by the quality and accuracy of our decisions, and that patience is often a part of this process.
In practice
This quote can be used in a business meeting to emphasize the value of strategic thinking.
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 beginning your entrepreneurial journey, acknowledge that you become a product of the five people you spend the most time with. So choose your company wisely.
Nobody has enough talent to live on talent alone. Even when you have talent, a life without work goes nowhere.
I've always said to everyone that ever worked for me, if you get too dug in on a position, the facts change, and you don't change to adapt to the facts, you will never be successful.
I think my first story sold for $550. This was in 1954, and it seemed like quite a lot of money, and I said to myself, 'Hey, I'm a professional writer now.'
The things you have that money won't buy are the things that will enable you to get more of the things that money will buy.
The defining factor [for success] is never resources; itβs resourcefulness.
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