Warren Buffet - Keep all your eggs in one basket, but watch that basket closely

the Daily Quote

Welcome to The Daily Quote - a podcast designed to kickstart your day in a positive way. I'm your host, Andrew McGivern, and today is July 9th.

It's National Don't Put All Your Eggs in One Omelette Day!

Yes, it's as quirky as it sounds, and it serves as a light-hearted reminder to diversify and not put all your resources into one single venture.

Now, let's pair that with today's quote. This one comes from the great American entrepreneur Warren Buffett, who said,

"Do not put all your eggs in one basket."

But he also said,

“Keep all your eggs in one basket, but watch that basket closely”

Which advice from Warren Buffet is correct?...

Warren Buffett, one of the most successful investors of all time, emphasizes the importance of diversification. Just like our holiday today suggests, it's all about spreading your investments, efforts, or even hopes across various opportunities to avoid the risk of losing everything at once.

So, what does this mean in the context of our daily lives? Well, think about it this way: If you pour all your energy into one project, one job, or one relationship, you're risking a lot on that single outcome. By diversifying, you give yourself a safety net and more chances for success. Whether it's in your career, personal life, or hobbies, having multiple interests and investments can lead to a more balanced and secure life.

On the other hand, look at the most successful people in the world. Almost all of them went ALL IN on their business or investment. Steve Jobs was 100% Apple, Jeff Besos went ALL IN on Amazon. They put all their eggs in one basket but they watched the basket very carefully.

I think what Warren Buffet is saying is if you are an average investor that doesn't have the time to watch your basket of eggs... then you shouldn't put them all in one basket. Diversification will protect you from your lack of attention.

On National Don't Put All Your Eggs in One Omelette Day, take a moment to assess where you might be putting all your eggs in one basket. Do you have the resources to watch that basket like a hawk protecting its young. If not... Is there a way to spread your resources, try new things, or explore different avenues?

This approach not only minimizes risk but can also open up new opportunities and experiences you might have otherwise missed.

I mean, Elon Musk, one of the worlds richest people has multiple companies so not every UBER successful person is ALL IN on one thing.

Warren Buffett's wisdom and today's quirky holiday both remind us that life is full of possibilities. By not betting everything on a single outcome, we allow ourselves to enjoy a richer, more varied life experience. Or we can go all in and put all our eggs in one basket and all our attention too.

So, go ahead, make one delicious omlette with your eggs or make different omelettes and savor the diversity of flavors.

Thanks for listening, I'm Andrew McGivern, signing off for today...

And if you want to diversify your podcast listening... make sure you add the Daily Quote to your follow list so you'll get another quote tomorrow, and the day after tomorrow, and so on, and so on, and so on...