A Quote by Michael Steinhardt
Good investing is a peculiar balance between the conviction to follow your ideas and the flexibility to recognize when you have made a mistake.
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If you hear a good idea, capture it; write it down. Don't trust your memory. Then on a cold wintry evening, go back through your journal, the ideas that changed your life, the ideas that saved your marriage, the ideas that bailed you out of bankruptcy, the ideas that helped you become successful, the ideas that made you millions. What a good review-going back over the collection of ideas that you gathered over the years. So be a collector of good ideas for your business, for your relationships, for your future.
They made a mistake. And it was an easy mistake to make. I don't regard setting incentives aggressively as a mistake. I think the mistake was, when the bad news came, they didn't recognize it directly. I don't think that impairs the future of Wells Fargo. They'll be better for it.
My people are at the core of everything I do, and I recognize the importance of giving them the flexibility to balance work around their personal lives.
Choosing a spouse with religion in mind is not always a mistake, especially if your heritage and your faith are important parts of who you are. The trick is, as always, to recognize a good thing when you see it - and never mistake the bad for something more.
Feminism is a political mistake. Feminism is a mistake made by women's intellect, a mistake which her instinct will recognize.
Some people will follow their minds without listening to their hearts, and others will follow their hearts without listening to their minds. This is why reason exists, for there to be balance between the heart and mind. We were not meant to follow the mind and ignore the heart. Instead, we were meant to follow the heart over the mind, but without completely abandoning logic. The middle way is the preferred way, and this path simply means to allow your heart to drive you, but do not forget to balance reason with your conscience.
Generally the reason they fail in the job is, you made some mistake in the hiring process in that you didn't match... them to the needs of your company accurately enough. That's the #1 reason this fails. And that's generally a good place to start: Here's where we are and here's what I didn't recognize about us and about you when I made the decision, and now it is what it is.
The biggest mistake, in general, I've made, is to put too much of a weighting on someone's talent and not enough on their personality. And I've made that mistake several times. I think it actually matters whether somebody has a good heart, it really does. I've made the mistake of thinking that it's sometimes just about the brain.
To make flexibility work, it is not only necessary to change our attitude about who is a good worker and who is not, but we have to train managers at all levels to recognize the difference between the number of hours worked and the quality of work produced.
A mistake made with good in your heart is still a mistake, but it is one for which you must forgive yourself.
Everything too fast is not good but everything too slow is also not good. You need balance. That's why I like martial arts: it always tells you how to control your body, your mind, your heart. Balance. Balance can keep the world's peace. I think that's a very good thing.
It is important to remember that value investing is not a perfect science. It is an, with an ongoing need for judgment, refinement, patience, and reflection. It requires endless curiosity, the relentless pursuit of additional information, the raising of questions, and the search for answers. It necessitates dealing with imperfect information - knowing you will never know everything and that that must not prevent you from acting. It requires a precarious balance between conviction, steadfastness in the face of adversity, and doubt - keeping in mind the possibility that you could be wrong.
My position is that the rate should align with the level of economic development. Because it is always about a balance, a balance of interests, and it should reflect this balance. A balance between those who sell something across the border and those who benefit from a low rate, as well as a balance between the interests of those who buy, who need the rate to be higher. A balance between national producers, for example, agricultural producers who are interested in it.
I think the first thing is to recognize a mistake that Obama made. And others have made in thinking that you can revolutionize a system that's unbelievably complex and interlinked, one-sixth of the economy. That was a mistake because whenever you change one thing, it changes 80 other things, and now if you're changing everything at once, you have no idea what the outcome is going to be and you get all of these unintended side effects.
GOOD IDEAS ALTER THE BALANCE IN RELATIONSHIPS. THAT IS WHY GOOD IDEAS ARE ALWAYS INITIALLY RESISTED.
But you must not change one thing, one pebble, one grain of sand, until you know what good and evil will follow on that act. The world is in balance, in Equilibrium. A wizard's power of Changing and Summoning can shake the balance of the world. It is dangerous, that power...It must follow knowledge, and serve need.
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