Warren Buffett: Avoid being wrong

“You don’t have to do — we’ve said this before — but you don’t have to do exceptional things to get exceptional results. And some people think that if you jump over a seven-foot bar that the ribbon they pin on you is going to be worth more money than if you step over a one-foot bar. And it just isn’t true in the investment world, at all…. The big thing to do is avoid being wrong.”

—Warren Buffett (1994 Berkshire Hathaway Annual Meeting).