... but the important thing is that when you do find one where you really do know what you are doing, you must buy in quantity.... Charlie and I have made a dozen or so very big decisions relative to net worth, although not as big as they should have been. And in each of those, we've known that we were almost certain to be right going in.
One of the very difficult parts of the decision I made on the financial crisis was to use hardworking people's money to help prevent there to be a crisis.
It is obvious that the performance of a stock last year or last month is no reason, per se, to either own it or to not own it now. It is obvious that an inability to "get even" in a security that has declined is of no importance. It is obvious that the inner warm glow that results from having held a winner last year is of no importance in making a decision as to whether it belongs in an optimum portfolio this year.
Willpower is not some mythical force that we either have or don't have. Willpower is our decision to use higher mind thinking instead of lazing around in the clutches of our primal mind.
When you know that somebody lost their loved one as a result of a decision that I made, that's a tough moment. If you're a faithful person you try to empathize with the suffering that that person is going through.