A Quote by Warren Buffett
Take the probability of loss times the amount of possible loss from the probability of gain times the amount of possible gain. That is what we're trying to do. It's imperfect, but that's what it's all about.
Related Quotes
The risk of an investment is described by both the probability and the potential amount of loss. The risk of an investment-the probability of an adverse outcome-is partly inherent in its very nature. A dollar spent on biotechnology research is a riskier investment than a dollar used to purchase utility equipment. The former has both a greater probability of loss and a greater percentage of the investment at stake.
Probability and expectation are not the same. Its probability and probability times the pay off.
Our world was created with a sense of order. For every loss, there is a gain. Sometimes we are so blinded by the loss that we don't see the gain, don't recognize the gift.
As there is no worldly gain without some loss, so there is no worldly loss without some gain.... Set the allowance against the loss, and thou shalt find no loss great.
Calculating people are contemptable. The reason for this is that calculation deals with loss and gain, and the loss and gain mind never stops. Death is considered loss and life is considered gain. Thus, death is something that such a person does not care for, and he is contemptable. Furthermore, scholars and their like are men who with wit and speech hide their own true cowardice and greed. People often misjudge this.
There is always a certain amount of 'transmission loss.' You can have a power generator and if the power is going on 100 miles away, even with very efficient cable there could be a certain amount of loss.
If you get rid of emotion for a minute and think about the threat of terrorism statistically, it's not even there. The probability that you will slip on a wet floor in your bathroom and die is a thousand times higher than the probability of you dying as a result of terrorism.
The probability that we will get into a car accident is a million times higher than the probability we will suffer as a result of terrorist act.
Years ago when I got stuck, I'd start twirling my hair. That's not possible anymore. I can't prove the relationship between writing and hair loss, but I think I pulled out a fair amount trying to work on certain sentences.
The point of equilibrium will be known by the criterion that an infinitely small amount of commodity exchanged in addition, at the same rate, will bring neither gain nor loss of utility.
I pretty quickly move from an idea to possibilities for execution. If there's one advantage, I think, with working in television for even a short amount of time is trying to gain a faculty for processing a storyline or an idea and how to then best implement that and execute that as swiftly as possible.
The consideration of change over the century is about loss, though I think that social change is gain rather than loss.
As there is no worldly gain without some loss, so there is no worldly loss without some gain; if thou hast lost thy wealth, thou hast lost some trouble with it; if thou art degraded from thy honor, thou art likewise freed from the stroke of envy; if sickness hath blurred thy beauty, it hath delivered thee from pride. Set the allowance against the loss, and thou shalt find no loss great; he loses little or nothing, that reserves himself.
Our greatest gain is to lose the wealth that is of such brief duration and, by comparison with eternal things, of such little worth; yet we get upset about it and our gain turns to loss.
There's nothing good about getting older-absolutely nothing-because the amount of wisdom and experience you gain is negligible compared to what you lose. You do gain a couple of things-you gain a little bittersweet and sour wisdom from your heartbreaks and failures and things-but what you lose is so catastrophic in every way.
As we think of power in the 21st century, we want to get away from the idea that power's always zero sum - my gain is your loss and vice versa. Power can also be positive sum, where your gain can be my gain.
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