( Source : BerkshireHathaway _ 2019 . pdf ) ' A few of our trees are diseased and unlikely to be around a decade from now . Many others , though , are destined to grow in size and beauty . Fortunately , its not necessary to evaluate each tree individually to make a rough estimate of Berkshire ' s intrinsic business value . ' ***** If I try just once and give it up , I won ' t be able to have a second chance . The thing is that I am allowed to wait and to make a hit in a reaonable range . Which means I don ' t have to be perfect anytime I am in the arena . But mind doesn ' t follow that simple rule at all , and is always moving around ups and downs . And finally I tend to be preoccupied with what I wish to believe in ; Compromise and adapt . I have to focus on the forest - forget the trees .