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”
A cook’s genuine passion for food reflects the value and quality of their creations. Even when the taste is terrible, the cook’s heartfelt effort might still elicit a belief that the food is healthy. Traditionally, this might have made sense, but from a scientific standpoint, it is absurd. Despite knowing proven cooking methods, many chefs continue to rely on their instincts, often without questioning their approaches. Few chefs actually consider the trustworthy resource of food quality, fearing that acknowledging this might label them as inferior chefs. - Joseph’s “just my thoughts”