My thinking has evolved over the years as I learn more from Buffett and Munger. Synthesizing their advice for one’s own context is REALLY important. For example, if you’re an addict the Newspaper Test^1, the chains of habit quote^2, and the reputation quote^3 are not helpful taken by themselves. They may cause you not to seek help or to be resigned to your fate. Decisions Buffett would likely not suggest were he advising you personally.
1. “I want them [the CEOs] to judge every action by how it would appear on the front page of their local news paper, written by a smart but semi-unfriendly reporter, who really understood it, to be read by their families, their neighbors, their friends. And it has to pass that test”
2. “The chains of habit are too light to be felt until they are too heavy to be broken.”
3. “It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you’ll do things differently.”
My thinking has evolved over the years as I learn more from Buffett and Munger. Synthesizing their advice for one’s own context is REALLY important. For example, if you’re an addict the Newspaper Test^1, the chains of habit quote^2, and the reputation quote^3 are not helpful taken by themselves. They may cause you not to seek help or to be resigned to your fate. Decisions Buffett would likely not suggest were he advising you personally.
1. “I want them [the CEOs] to judge every action by how it would appear on the front page of their local news paper, written by a smart but semi-unfriendly reporter, who really understood it, to be read by their families, their neighbors, their friends. And it has to pass that test”
2. “The chains of habit are too light to be felt until they are too heavy to be broken.”
3. “It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you’ll do things differently.”
A wonderful piece. Thank you for sharing your thoughts.