Aside from being recognized as>Practicing emotional discipline
More than 40 years ago, Buffett wrote, Murphy taught him an "indispensable" lesson about the importance of recognizing and controlling your emotions. "He said, 'Warren, you can always tell someone to go to hell tomorrow,'" Buffett recalled. "It was data-test=”Pullquote”>You haven't missed the opportunity. Just forget about it for a day. If you feel the same way tomorrow, tell them then — but don't spout off in a moment of anger!"Warren BuffettCEO, Berkshire Hathaway
It's important to note that Buffett isn't advising people to be emotional. Rather, he emphasizes the advantages of acknowledging, examining and understanding your emotions. By doing so, you create more time and space for clarity, which will then allow you to make more prudent decisions.
It all comes down to emotional intelligence
Murphy's advice is deeply connected to the concept of emotional intelligence. An emotionally intelligent person possesses both self-awareness and social awareness skills — both of which are essential to developing and maintaining good relationships, communicating clearly, managing conflicts and achieving success.
Buffett knows this well. As Pauline Yan, a portfolio manager who runs a personal finance blog, pointed out in a recent interview with CNBC, Buffett is a great investor because he isn't just aware of his emotions, but he's also able to pick up data-test=”Pullquote”>It was one of the best pieces of advice I have ever received.Warren BuffettCEO, Berkshire Hathaway
"[Buffett] recognizes that emotions are running the game, and he uses his insight into what the mass population is feeling to make wise investment decisions," Yan explained.
The bottom line? By practicing emotional discipline, you'll be far better equipped to unlock the outcomes you want to achieve in life.
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