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.
Interpretation
Money alone doesn't bring happiness, but it's better to invest it wisely rather than let others benefit from it.
In this quote, Warren Buffett emphasizes that while cash itself does not lead to true happiness, itβs more advantageous to have wealth that is actively used or invested, rather than allowing it to remain idle in the hands of others. This perspective encourages a proactive approach to managing finances and suggests that making money work for you can yield greater benefits.
In practice
During a financial literacy workshop, to illustrate the importance of investing money wisely.
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?
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.
Accounting is the language of business.
A library of wisdom, is more precious than all wealth, and all things that are desirable cannot be compared to it. Whoever therefore claims to be zealous of truth, of happiness, of wisdom or knowledge, must become a lover of books.
The minute you start putting words on paper you're eliminating possibilities.
My soul, never laugh at sin's fooleries, lest thou come to smile at sin itself. It is thine enemy, and thy Lord's enemy.
Beware of greed and remain pure and just. Restrain yourself from every vice. He who cannot restrain himself, how will he be able to teach others restraint?
Worry is an old man with bended head, carrying a load of feathers which he thinks are lead.
See the Light in Others, and Treat Them as if That is All you See.
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