Every time you hear the phrase “Everybody else is doing it” it should raise a huge red flag. Why would somebody offer such a rationale if there were a good reason available? Tell them to try using it with a reporter or a judge and see how far it gets them.
Buffett: We derive no comfort because important people, vocal people, or great numbers of people agree with us. Nor do we derive comfort if they don’t. A public opinion poll is no substitute for thought. We don’t read other people’s opinions. We want to think.
Buffett: You will not be right simply because a large number of people momentarily agree with you. You will not be right simply because important people agree with you.
Buffett: You will be right, over the course of many transactions, if your hypotheses are correct, your facts are correct and your reasoning is correct.
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