I bought a company in the mid-90s called Dexter Shoe and paid $400 million for it. And it went to zero. And I gave about $400 million worth of Berkshire stock, which is probably now worth $400 billion. But I've made lots of dumb decisions. That's part of the game.
The way that we make dumb decisions and discriminatory decisions is by employing stereotypes about groups of people. We don't see people as fully human when other people speak for them.
What are the odds that people will make smart decisions about money if they don't need to make smart decisions--if they can get rich making dumb decisions? The incentives on Wall Street were all wrong; they're still all wrong.
How I wish we could all see the cost of our choices as clearly as a price tag on items in a store. If I know how much something is going to cost me, I make much wiser choices. But we have an enemy who schemes against us to keep the cost of dumb decisions concealed until it's too late.
We are the greatest computers in this world, but now we've created the smart phone which is smarter than us now, but we're still making dumb decisions. We have given our creations more power than we have, and that to me is dumb.
When you get a lot of money thrown at you, you can make some dumb decisions without the right advice.
Strategic plans cause more dumb decisions than anything else in America.
Outstanding long-term results are produced primarily by avoiding dumb decisions, rather than by making brilliant ones.
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