The Daily Buffett

← PreviousIndexNext →

Time for a Trim

August 24th

Never ask a barber if you need a haircut.

Warren Buffett

Warren Buffett's wisdom prompts us to be wary when seeking advice from those who profit from our decisions. It reminds us of the importance of aligning our interests with the motivations of others, especially in the realm of investing.

Brokers, advisors, or corporations who stand to gain from your financial decisions might not always provide advice that is in your best interest. Their recommendations may seem appealing, but could harbor ulterior motives. It's crucial to maintain a healthy skepticism and understand the possible implicit bias behind such counsel.

On the other hand, Buffett's words serve as a call to action for investors to develop their own insights and make informed decisions. It encourages them to do their own research, weigh the options and tailor their choices to fit their risk tolerance and financial goals.

In the world of investing, as with every facet of life, everyone has their own pair of scissors. It's essential to decide for yourself when it's time for a trim.

Join the newsletter to get the daily reflection delivered to your inbox.

Copyright © 2023 by Scott Sansovich