Never be afraid to ask for too much when selling or offer too little when buying.
Interpretation
It's important to negotiate boldly and have confidence in your value when dealing in transactions.
Warren Buffett's quote emphasizes the significance of confidence in negotiation. When selling, one should not shy away from aiming high, as it can lead to better outcomes, while buyers should be cautious about undervaluing the worth of what they seek. This mindset encourages assertiveness and the pursuit of fair value in financial dealings.
In practice
During a business meeting where pricing is discussed.
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.
If you want to be a singer, you've got to concentrate on it twenty-four hours a day. You can't be a well driller, too. You've got to concentrate on the business of entertaining and writing songs. Always think different from the next person. Don't ever do a song as you heard somebody else do it.
If you're crazy enough to do what you love for a living, then you're bound to create a life that matters.
The most successful people in this world recognize that taking chances to get what they want is much more productive than sitting around being too scared to take a shot.
With Heaven's aid I have conquered for you a huge empire. But my life was too short to achieve the conquest of the world. That task is left for you
Would I swap what I have achieved as a cook if I could have been as successful as a footballer? Definitely.
You must value the business in order to value the stock.
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