Patience is not an excuse for hesitation
When it comes to Buffett, the first word that may come to many people's minds is: patience.
But patience is definitely not indecision.
At the conference, Buffett told a story. In 1966, he received a call from an unfamiliar woman who said she was willing to sell her stake in her business, with an asking price of 6 million. This business, with assets alone worth 2 million, could earn 2 million before tax each year.
A business that earns 2 million a year, selling for 6 million. This is simply a “fire sale” price.
Buffett's first reaction was: Is there really such a good deal? Could there be a scam?
So, he quickly consulted with Charlie. The two were very nervous, wanting to figure out how the accounts worked. Should they look at psychology books to understand why she was selling?
When information is insufficient and the situation is unclear, don't rush to make a decision; take the time to clarify things.
But the next day, a key phone call came in, providing more information about this woman and dispelling Buffett's doubts. He realized: this opportunity must be seized. So, he acted decisively.
In the face of opportunity, the greatest enemy is often not risk, but the hesitation within you.
Sometimes, when an opportunity presents itself, you might only have 5 seconds to make a judgment. This requires that you have enough understanding of your field to not miss the chance.
Buffett said that when a good opportunity arises, you should not be patient. You should also not be patient for empty talks that will not materialize. Your patience should be reserved for those opportunities that occasionally appear.
Patience is a weapon when facing ambiguity, not an excuse when facing clarity.
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