Not being able to quit when it’s warranted isn’t a virtue, it’s a handicap.
"You can't outwork a bad vehicle" Warren Buffett
- Thread starter GON
- Start date
It "depends".
Most people won't be able to see whether they are going to make it because they just need to work harder or whether they are just retrying a lost cause until after the fact.
This is especially true in investment when you may miscalculate the odds of winning and the return possibilities. So the most important thing is to make sure you can afford to lose before you invest, and whether you have the discipline to stay within the safety zone if something is going the wrong way. There is a difference between gambling and courageous.
Buffett and Munger also said they are best at avoiding the dragon than slaying the dragon. They could be right, and they are the type of investors and fund managers who attract that kind of slow and steady large scale investments. It doesn't work for everyone, but it works for whoever wants to invest with them.
Most people won't be able to see whether they are going to make it because they just need to work harder or whether they are just retrying a lost cause until after the fact.
This is especially true in investment when you may miscalculate the odds of winning and the return possibilities. So the most important thing is to make sure you can afford to lose before you invest, and whether you have the discipline to stay within the safety zone if something is going the wrong way. There is a difference between gambling and courageous.
Buffett and Munger also said they are best at avoiding the dragon than slaying the dragon. They could be right, and they are the type of investors and fund managers who attract that kind of slow and steady large scale investments. It doesn't work for everyone, but it works for whoever wants to invest with them.
The ONLY common secret to all the successful investors are: don't lose money.
If you don't lose your huge nest eggs you can recover if you have a good investment strategy. Everyone has different way of investing and different strength, but if your nest egg is wiped out you can no longer compound.
Out of touch and full of BS. I've fixed many leaking boats and what some say is a fundamentally flawed vehicle. Sometimes you make money on what others gave up on, sometimes you just don't have another option. I love when billionaires tell us poor folks what we should do
I think what WB said is about fundamental design flaw instead of something that can be fixed if you have a strength that others don't. You are correct and so is he. This is why he invest in insurance and banking industries while avoiding tech (except Apple).
GON
$175 Site Donor 2026
I think Warren Buffett quote might be easily explained with the Boeing 737 MAX. Boeing kept milking the 737, and had to keep throwing money at it instead of cutting bait and designing a new narrow body from scratch.
The results of not quitting on the 737 were the death of hundreds or civilians, irrefutable harm to Boeing name, loss of tens of billions of dollars, and finally Boeing doesn't have a narrow body that can holistically compete with Airbus.
Yes, but would you replace a failing transmission in a vehicle with frame rot?
^^Exactly. Questions of degree and scale are almost always involved.
Do we know how WB is putting that into perspective? Something tells me it's even before this extreme example & that they'd not put in a replacement transmission with any spec of frame rust.
I think we all know that a failing frame is EOL.
Side note: the F-350 had some pretty bad surface rust & I spent a few days sanding, then painted it all up to buy me more time. Although they washed the truck, they never did the frame! Lucky, It had the thickest frame in the segment & these transmissions are darn near indestructible.
