If you lose money for the firm, I will be forgiving. If you lose reputation, I will be ruthless.
Interpretation
Warren Buffett emphasizes the importance of reputation over financial loss.
In this quote, Warren Buffett highlights that while financial setbacks may be regarded with understanding, damage to one's reputation is far more serious and cannot be easily repaired. He suggests that maintaining a good reputation is crucial in business and life, and that actions which harm one's reputation will be met with serious consequences.
In practice
In a business meeting discussing risk management and ethics.
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.
Do your job and demand your compensation - but in that order.
Failure is success in progress
I believe the true road to preeminent success in any line is to make yourself master in that line. I have no faith in the policy of scattering one's resources, and in my experience I have rarely if ever met a man who achieved preeminence in money making.. certainly never one in manufacturing.. who was interested in many concerns.
Being second is to be the first of the ones who lose.
In business and in politics a man must carve and maul his way through men to get to be King of the Mountain. Once there, he can be great and kind-but he must get there first.
Whether we are able to be a complete success or failure is in such critical balance that every smallest human test of integrity every smallest moment-to-moment decision tips the scales affirmatively or negatively.
Subscribe for the occasional hand-picked quote. No noise.