A Legend Tells a Story About Another Legend.
In 1989, I received a phone call from Warren Buffett. My daughter picked up the phone and said, “Dad, Mr. Buffett is calling.”
I picked up and heard: “This is Warren Buffett calling from Omaha, Nebraska. I really love your book One Up On Wall Street. I’d like to use one sentence from it in my year-end report. May I have your permission?”
(You know how fast he talks.)
I replied, “Of course. Which line?”
Warren said: “Selling your winners and holding your losers is like cutting the flowers and watering the weeds.”
Ironically, that single line he picked from my entire book turned out to be my biggest mistake.
Peter Lynch
Forbes India, Collector’s Edition - November 2017
A story so good, so deep, that it almost needs no further commentary.