Competence Quote by Howard Warren Buffett
“I mean the whole economy just comes to a grinding halt. Competence in markets and in institutions, it's a lot like oxygen. When you have it, you don't even think about it. Indispensable. You can go years without thinking about it. When it's gone for five minutes, it's the only thing you think about. And the oxygen has been sucked out of the credit markets.”
About This Quote
Source Speech: Economic Commentary, 2012
Competence in markets is essential, like oxygen; its absence becomes glaringly obvious.
In simple terms: Market competence is vital and often unnoticed until missing.
Key Takeaway
Recognize and maintain market competence.
Themes
economics
competence
risk
systemic stability
Mood
concerned
analytical
Type
analytical
economic
When to use this quote
- financial planning
- policy making
- investment strategy
- risk management
Key Concepts
market dynamics
institutional trust
systemic risk
Questions to Reflect On
- How do we safeguard market competence?
- What signs indicate competence erosion?
A Different Perspective
Even with competence, other factors can cause crises.
![“If you really think that houses prices are going to go up next year and the year after, you feel if I don't buy it this year, I'm going to have to buy it next year. [...] And when somebody makes it very easy for you to do it by saying you don't really have to put up my money, you can lie about…” quote by Howard Warren Buffett](https://sms4smile.com/quotes/img-quotes/182/howard-warren-buffett-16158_cost_if-you-really-think-that-houses-prices-a_486111.jpg)
![“A nominee [to Supreme Court] must possess the competence, character and temperament to serve on the bench.” quote by Herb Kohl](https://sms4smile.com/quotes/img-quotes/51a/herb-kohl-25520_benches_a-nominee-to-supreme-court-must-possess_40021.jpg)
