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.
An American monkey, after getting drunk on brandy, would never touch it again, and thus is much wiser than most men.
I've learned that I must find positive outlets for anger or it will destroy me. There is a certain anger: it reaches such intensity that to express it fully would require homicidal rage--self destructive, destroy the world rage--and its flame burns because the world is so unjust. I have to try to find a way to channel that anger to the positive, and the highest positive is forgiveness.
Why is it that our memory is good enough to retain the least triviality that happens to us, and yet not good enough to recollect how often we have told it to the same person?
When friends and acquaintances are telling you [that] you are a genius, before you accept their opinion, take a moment to remember what you always thought of their opinions in the past.
It is only men who are free, who create the inventions and intellectual works which to us moderns make life worth while.
A perverse temper and fretful disposition will make any state of life whatsoever unhappy.
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