Warren Buffett: Bars

“There are things in life that you don’t have to make a decision on and that are too hard…. One of the interesting things about investment is that there’s no degree of difficulty factor…. We get paid, not for jumping over 7-foot bars, but for stepping over 1-foot bars. And the biggest thing we have to do is decide which ones are the 1-foot bars and which ones are the 7-foot bars so when we go to step we don’t bump into the bar. And that is something that I think we’re reasonably good at. Now maybe we cast out too many things as being too hard and thereby narrow our universe. But I’d rather have the universe be interpreted as being a little smaller than it really is, than being interpreted as larger than it is.”

—Warren Buffett.