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.
As long as people are clear on what they need to do and what's going on, you're very likely to succeed. When nobody is clear, then you're guaranteed to fail.
In football, the result is an impostor. You can do things really, really well but not win. There's something greater than the result, more lasting - a legacy.
The big thing is, everybody says it's being in the right place at the right time. But it's more than that, it's being in the right place all the time. Because if I make 20 runs to the near post and each time I lose my defender, and 19 times the ball goes over my head or behind me - then one time I'm three yards out, the ball comes to the right place and I tap it in - then people say, right place, right time. And I was there *all* the time.
I'd like to think I could have and should have won more, but that's not the point. And I was at the point where I was playing great tennis in the mid 80s - the type of tennis people hadn't seen before - and I was very proud of that.
If you want to win, you have to beat the big teams in Europe, and Juventus are awesome.
Hard work isn't enough. And more work is never the real answer. The sort of grit you need to scale a business is less reliant on brute force. It's actually one part determination, one part ingenuity, and one part laziness.
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