Maintaining even a small annual profit is advantageous in investing. Survival remains the most critical factor in business. People have sought the secret to Warren Buffett’s success, which is the power of compounding, but they overlook the real key: he has invested consistently for 75 years without pause. You can indeed succeed in your business endeavors through sheer survival; conversely, you cannot survive solely because of your success. Survival is only achievable if you have the strength to keep going, even with minimal returns. To do this, you must do what you love. Invest in stocks you like, and continue investing even if it is volatile. Next, you need to secure a “margin of safety.” Even a small margin ratio is crucial because a business can’t survive without margins. Frugal spending, flexible thinking, loose schedules—anything that helps during tough times—can all contribute to building a margin of safety. - Joseph’s “just my thoughts”
Making money is far more addictive than spending it. Once you earn money, the pathway to creating more becomes clear. If you try that method and succeed again, then money-making becomes a religion beyond mere addiction. When this method is experienced as an accomplishment, one must remember that the purpose and core motivations suddenly shift from their original intent, leading to corruption. Addiction knows no distinction between good and evil and disregards the line between the sacred and the secular. Be cautious of becoming addicted to seemingly good things. Anyone with a firm conviction of good and evil should always raise concerns. - Joseph’s “just my thoughts”