At Berkshire Hathaway’s 2013 shareholders’ meeting, Warren Buffett said, “I’ve owned 400 to 500 companies’ stocks in my lifetime, but only about 10 of them made the most money.” His lifelong friend and investment partner, Charlie Munger, added, “With the exception of some of Berkshire Hathaway’s best investment practices, long-term performance is near-average.” Many people know Warren Buffett’s return on investment better than his mistakes or failures. It’s because of those 10 companies that he succeeded in investing. If there is a positive, there must be a negative. It’s better to prepare a realistic alternative in case you fail than to try to avoid failing. Humans are probabilistic beings. - 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”