Life Is Tough. If You Can Handle It You Have Won

Life Is Tough. If You Can Handle It You Have Won

Charlie: “Assume life will be really tough, and then ask if you can handle it. If the answer is yes, you’ve won. You need to keep raw, irrational emotion under control. You need patience and an ability to take losses and adversity without going crazy c.”

Charlie walks through Mr. Brown’s park, reflecting on regret, happiness, and the effort it takes to manage emotion. He remembers sunny mornings in Omaha with family and friends, and considers how he has tried to remain honest and rational through difficult times.

After the walk, he rejoins the guests at the table. Mrs. Brown sits beside him and asks about his mistakes and losses.

Mrs. Brown: “Charlie, we have already heard a lot of your stories yesterday. I regard you as an extremely honest and truthful man. I am not able to compare you with somebody else. You are truthful and direct. People criticize you sometimes for your straightforwardness, but not me. I will never criticize you or that sort of thing. I do believe and understand this is the correct way of dealing with adversities of any kind. It is very interesting to discuss with you all these topics, without any exception. I would like to know your position and the biggest mistakes you’ve made and losses you’ve had, both in private and in business. I have to know them all. Could you please tell us your stories? I have heard that once somebody said to begin with a prayer. If you begin with a prayer, you can think more clearly and will make fewer mistakes.

“I believe the faults topic is not the easiest to discuss, but sometimes you are so passionately objective in everything you are doing, Charlie. I believe you could be speaking with some affection on everything. I have made one of the biggest mistakes recently; I put a lot of my money into gold. I have a friend, a banker; he told me that it was a correct decision. You know I am not a professional investor, but when I visit my friend, the banker, I am too tired of that kind of stuff to make a decision myself; it is too complex. I always believe I do not understand anything of that value investing. I just want to trust somebody to do the job for me. I just remember I visited him. I do remember everything he talked about, in fact what both of us talked about. I had a lot of cash, and I just didn’t know where to put it all. I was so worried that somebody should steal it. I decided to bury it, into gold first, then into the ground. I have heard that Buffett once said, ‘Gold gets dug out of the ground in Africa, or someplace. Then we melt it down and dig another hole, bury it again and pay people to stand around guarding it. It has no utility. Anyone watching from Mars would be scratching their head ci.’ But I have no ideas myself of how to manage it. In the end, he advised me that instead of wastefully invested into any risky stocks; I should take it to charity. I made it partly. When I did it, I had a very nice feeling: you know, help children who are in need. And when I remember and realize the suffering on the faces of these small babies, their eyes full of worship for me, how I could not believe them, looking at such children? If one sees into the eyes of these children, one sees clearly hopes and almost believes in miracles, that one day some person will come and save them.

“So, this was my story, I never regret giving the money to charity, if it is managed well and honestly. But I still believe it was very stupid to put the rest of my money into gold. I believe it was a mistake.”