A school is not a factory. Its raison d'être is to provide opportunity for experience.
I have been waiting to win a world championship since 1985. I've had three cracks at a world title - in karting, I finished third at Le Mans; that hurt because it was very close, but then in Formula One there wasn't really an opportunity to finally crack it, so it's third time lucky.
This idea of anticipation is key to investing and to business generally. You can't wait for an opportunity to become obvious. You have to think, "Here's what other people and companies have done under certain circumstances. Now, under these new circumstances, how is this management likely to behave?"
It takes character to sit there with all that cash and do nothing. I didn't get to where I am by going after mediocre opportunities.
The sillier the market's behavior, the greater the opportunity for the business like investor.
It is our argument that a sufficiently low price can turn a security of mediocre quality into a sound investment opportunity - provided that the buyer is informed and experienced and he practices adequate diversification. For, if the price is low enough to create a substantial margin of safety, the security thereby meets our criterion of investment.
I tell you this: You always get what you create, and you are always creating. I do not make a judgment about the creations that you conjure, I simply empower you to conjure more-and more and more and more. If you don't like what you've just created, choose again. My job, as God, is to always give you that opportunity.
Cultivate the technique of seeing all problems as opportunities. Opportunities to...be, and decide, Who You Really Are.
Right now, in this moment, your soul has again created opportunity for you to be, do, and have what it takes to know Who You Really Are. Your soul has brought you to the words you are reading right now-as it has brought you to words of wisdom and truth before. What will you do now? What will you choose to be? Your soul waits, and watches with interest, as it has many times before.
A few major opportunities, clearly recognizable as such, will usually come to one who continuously searches and waits, with a curious mind, loving diagnosis involving multiple variables. And then all that is required is a willingness to bet heavily when the odds are extremely favorable, using resources available as a result of prudence and patience in the past.
We rarely use much debt and, when we do, we attempt to structure it on a long-term fixed rate basis. We will reject interesting opportunities rather than over-leverage our balance sheet. This conservatism has penalized our results but it is the only behavior that leaves us comfortable, considering our fiduciary obligations to policyholders, depositors, lenders and the many equity holders who have committed unusually large portions of their net worth to our care.
I have no use whatsoever for projections or forecasts. They create an illusion of apparent precision. The more meticulous they are, the more concerned you should be. We never look at projections, but we care very much about, and look very deeply at, track records. If a company has a lousy track record, but a very bright future, we will miss the opportunity.
The kinds of people we need in government are precisely the kinds of people who are most reluctant to go into government -- people who understand the inherent dangers of power and feel a distaste for using it, but who may do so for a few years as a civic duty. The worst kind of people to have in government are those who see it as a golden opportunity to impose their own superior wisdom and virtue on others.
In a world in which most investors appear interested in figuring out how to make money every second and chase the idea du jour, there's also something validating about the message that it's okay to do nothing and wait for opportunities to present themselves or to pay off. That's lonely and contrary a lot of the time, but reminding yourself that that's what it takes is quite helpful.
As Graham, Dodd and Buffett have all said, you should always remember that you don't have to swing at every pitch. You can wait for opportunities that fit your criteria and if you don't find them, patiently wait. Deciding not to panic is still a decision.
I have been very lucky because I have had the opportunity to see what it's like to have little or no money and what it's like to have a lot of it. I'm lucky because people make such a big deal of it and, if I didn't experience both, I wouldn't be able to know how important it really is for me. I can't comment on what having a lot of money means to others, but I do know that for me, having a lot more money isn't a lot better than having enough to cover the basics.
The only thing I do know is that from chaos comes opportunity.
My chief 'success philosophy' is, 'Give people every opportunity to say "Yes" to you'.
You cannot create a life of fulfillment, joy, and meaning while you are barricading yourself from others and from the opportunities Life offers you.
Backboneless employees are too ready to attribute the success of others to luck. Luck is usually the fruit of intelligent application. The man who is intent on making the most of his opportunities is too busy to bother about luck.
No man's abilities are so remarkably shining as not to stand in need of a proper opportunity.
Busy is an opportunity, not a dirty word.
When men's hearts are melted under the preaching of the word, or by sickness, or the loss of friends, believers should be very eager to stamp the truth upon the prepared mind. Such opportunities are to be seized with holy eagerness.
The means that heaven yields must be embraced, and not neglected; else, if heaven would, and we will not heaven's offer, we refuse the proffered means of succor and redress.
The people who write official histories for the Army believe that a generation needs to pass before you can tackle the official history. It's useful to have some distance. Sources become available. Passions cool. It allows an opportunity to make some real assessments and judgments about personalities and characters.
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