Only when you combine sound intellect with emotional discipline do you get rational behavior.
Interpretation
Rational behavior arises from the balance of intellect and emotional control.
Warren Buffett's quote emphasizes that true rationality is achieved when one merges analytical thinking with emotional discipline. This suggests that simply being intelligent is not enough; one must also manage their emotions effectively to make sound decisions and behave rationally in various situations.
In practice
This quote can be used in a seminar on decision-making skills.
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.
One’s objective should be to get it right, get it quick, get it out and get it over. Your problem won’t improve with age.
If you are offended by reading views that disagree with yours, then yes, you will be offended. However, it is not gratuitously offensive, it simply puts an argument, and if your views are strong enough, as I believe they are, you will be able to defend your views. You will not say, "Oh, it's offensive, it's offensive." You will say "No, you are wrong here and you are wrong here," and that's what you should do.
We swallow with one gulp the lie that flatters us, and drink drop by drop the truth which is bitter to us.
Some read for style, and some for argument: one has little care about the sentiment, he observes only how it is expressed; another regards not the conclusion, but is diligent to mark how it is inferred; they read for other purposes than the attainment of practical knowledge; and are no more likely to grow wise by an examination of a treatise of moral prudence, than an architect to inflame his devotion by considering attentively the proportions of a temple.
It is better to be silent and be real than to talk and not be real.
Don't ask me who's influenced me. A lion is made up of the lambs he's digested, and I've been reading all my life.
You’ve got to be crazy! It’s too late to be sane, too late. You’ve got to go full tilt bozo... ‘Cause you’re only given a little spark of madness... and if you lose that, you’re nothing
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