by winston » Fri Jul 20, 2012 11:18 am
“ Buffett, a man, like me, who believes in America and the Tooth Fairy, presents the dilemma best. It’s as though you are in business with a partner who has a bi-polar personality.
When your partner is deeply distressed, depressed, and in a dark mood and offers to sell his share of the business at a huge discount, you should buy it.
When he is ebullient and optimistic and wants to buy your share from you at an exorbitant premium, you should oblige him.
As usual, Buffett makes it sound easier than it is because measuring the level of intensity of the mood swings of your bipolar partner is far from an exact science.”
It's all about "how much you made when you were right" & "how little you lost when you were wrong"