If you risk something that is important to you, for something that is unimportant to you. Inspirational Speech by Warren Buffett.
It just does not make any sense. I don’t care what if the odds area 100 is to 1 that you succeed or a 1,000 to 1 that you succeed.
If you hand me a gun, with a thousand chambers or million chambers in it there is a bullet in one chamber and you said to put it up to your temple how much do you want to be paid to pull it once? I am not going to pull it.
Inspirational Speech by Warren Buffett.
you can name any sum you want but it does not do anything for me. We will always have problems I mean ever since I got out of school, sometimes I used to sell stocks that always give me 10 reasons why you shouldn’t buy
them you have heard them all throughout your life. But, the world does not belong to the pessimist, believe me. You are selling happiness and having it arms length away, that is the big part of it.. you know?
the distribution shows the development. It is the right formula brochure and it just has to be carried out with you know. with extreme diligence, enthusiasm in every minute of the day. Picture Omaha in 1937 I was 7 years old and no weather conditioning,
So the summers were hot and humid, people were run out of melons at night just to try and cool off so I got the idea that.. maybe I can sell them what you will call soft drinks and we called pop. uhh.. so I went down to a bunch of gas stations..
and in those days every gas station had a cooler, and it had a little opener on the side and something to catch hold of bottle caps. So I went around and collected all the bottle caps for weeks,
Uhh, at these various gas stations, I collected 8000 of them, and then I sorted them all out. And I saw that there were Coca-colaoverwhelmed everybody else. There were these well off sober like ones in those days and my grand father had grocery stores, so I went to my grandfather and I said.. How about giving me a deal on coke soI could sell around the neighborhood and they sold me at the rate of 6 bottles for a quarter
and I went around and sold it for a nickel age and I sold out every time. I had no inventory, I had no receivables, I had the best business I ever had. Those were low return businesses, but time is the friend of the wonderful business, it the enemy of the lousy business, If you are in a lousy business for a long time, you are going to get a lousy result, even if you buy in cheap.
If you are in a wonderful business for a long time, even if you pay a little too much going in, you are going to get a wonderful result if you stay in a long time. I like to study failure.. actually, and then my partner says all I want to know is where I will die,
so I never go there and, and we want to see what has caused businesses to go bad and.. the biggest thing that kills them.. is complacency You want a restlessness, a feeling that somebody is always after you but you are going to stay ahead of them, you always want to be on the move.. the danger will always be that you rest on your laurels.
That restlessness that belief, that is the key. That tomorrow looks more exciting than today, you just have to permeate the organization.
You really want your decision-making to be by looking in the mirror and saying to yourself “I’m buying a 100shares of General Motors at $55 because” and then it is your responsibility if you are buying it and.. there has got to be a reason. And if you cannot state the reason, you should not buy it. If it is because somebody told you about it at a cocktail party, not good enough, you know. That we stick to pretty carefully. It’s one of the things Ben Braham taught me.
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