"The approach and strategies are very similar..." - Quote by Warren Buffett
The approach and strategies are very similar in that you gather all the information you can and then keep adding to that base of information as things develop. You do whatever the probabilities indicated based on the knowledge that you have at that time, but you are always willing to modify your behaviour or your approach as you get new information. In bridge, you behave in a way that gets the best from your partner. And in business, you behave in the way that gets the best from your managers and your employees.
More by Warren Buffett
“I happen to have a talent for allocating capital. But my ability to use that talent is completely dependent on the society I was born into. If I'd been born into a tribe of hunters, this talent of mine would be pretty worthless. I can't run very fast. I'm not particularly strong. I'd probably end up as some wild animal's dinner.”
“You don't need to be an expert in order to achieve satisfactory investment returns. But if you aren't, you must recognize your limitations and follow a course certain to work reasonably well. Keep things simple and don't swing for the fences.”
“I spend twelve hours a week - a little over 10% of my waking hours - playing the game. Now I am trying to figure out how to get by on less sleep in order to fit in a few more hands.”
More on Strategy
“There is no merit in putting off a war for a year if, when it comes, it is far worse or much harder to win.”
“I destroy my enemy if I make him my friend.”
“Do not confuse objectives with methods. When the nation becomes substantially united in favor of planning the broad objectives of civilization, then true leadership must unite thought behind definite methods.”
More on Learning
“It's easy to carry the past as a burden instead of a school. It's easy to let it overwhelm you instead of educate you.”
“As the strata of the earth preserve in succession the living creatures of past epochs, so the shelves of libraries preserve in succession the errors of the past and their expositions, which like the former were very lively and made a great commotion in their own age but now stand petrified and stiff in a place where only the literary palaeontologist regards them.”
“Once you open your eyes and start looking around you, you start picking up things that are very obvious.”