The key to success is emotional stability.
Interpretation
Emotional stability is crucial for achieving success.
Warren Buffett emphasizes that maintaining emotional stability is essential for success. This means managing one's emotions effectively to make sound decisions and navigate challenges without being swayed by temporary feelings or stressors, ultimately leading to better outcomes in both personal and professional endeavors.
In practice
In a motivational speech about overcoming obstacles in business.
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.
Nobody ever thinks that the work they're going to do could ever be bigger than the one they do before, especially if you're lucky enough like I had to have such a huge thing as 'Phantom' was.
I have seen business moguls achieve their ultimate goals but still live in frustration, worry, and fear. What's preventing these successful people for being happy? The answer is they have focused only on achievement and not fulfillment. Extraordinary accomplishment does not guarantee extraordinary joy, happiness, love, and a sense of meaning. These two skill sets feed off each other, and make me believe that success without fulfillment is failure.
A real businessman or entrepreneur has no enemies. Once he understand this, the sky's the limit.
Success in life is the result of good judgment. Good judgment is usually the result of experience. Experience is usually the result of bad judgment.
Leave bands, go back to obscurity if I choose to, without a great sense of loss of security because it's all been based on the fact that I did it on my own or was doing, enjoying doing it on my own in the first place.
Success isn't owned. It's leased and rent is due every day.
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