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”
Sometimes, a person’s strengths are the cause of the problem. The situation determines the direction and use of nature. Each person has the advantage of knowing their strengths well, but it does not take into account the direction and circumstances surrounding those strengths. Strengths and weaknesses are relative concepts. Over-relying on your strengths can lead to issues, and it is also vital to be cautious of developing feelings of inferiority due to your weaknesses. - Joseph’s “just my thoughts”