If horses had controlled investment decisions, there would have been no auto industry.
Interpretation
This quote suggests that without intelligent decision-making, potentially groundbreaking industries may never have emerged.
Warren Buffett's quote highlights the importance of thoughtful and informed decision-making in investment and business. It implies that relying on instinct or outdated paradigms, as represented by 'horses', could prevent innovation, such as the creation of the auto industry. It serves as a reminder that progress comes from rational choices rather than traditional or instinctual views.
In practice
In a business meeting discussing new ventures, one might use this quote to emphasize the need for innovative 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.
In short, Clevinger was one of those people with lots of intelligence and no brains, and everyone knew it except those who soon found it out.
He who represents himself has a fool for a client
Do what's right. Be on time, be polite, and be honest; remain free from drugs; and if you have any questions, get out your Bible. 2. Do your best. Mediocrity is unacceptable when you are capable of doing better. 3. Treat others as you want to be treated. Practice love and understanding.
Against logic there is no armor like ignorance.
I was raised never to carp about things and never to moan, because in vaudeville, which is my background, you just got on with it through all kinds of adversities.
Keep good company, read good books, love good things and cultivate soul and body as faithfully as you can
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