Buffett tells us to have the right mindset when holding shares

Warren Buffett, speaking a few days ago, advised us to have a far horizon in mind when holding shares and to make sure we had the psychological resilience to be an investor.
Buy for the long term
“You shouldn’t buy stocks unless you expect to hold them for a very extended period and you were prepared, financially and psychologically, to hold them the same way you would hold a farm and never look at a quote.”
If the company is good, with a sound business, sound strategic position and excellent managerial team then why worry if Mr Market lowers the share price?
“You’ve got to be prepared when you buy a stock to have it go down 50% or more and be comfortable with it as long as you are comfortable with the holding.
There have been three times in Berkshire’s history when the price of Berkshire stock went down 50%. If you held it on borrowed money you could have been cleaned out. There wasn’t anything wrong with Berkshire when those three times occurred, but if you’re gonna look at the price of the stock and think that you have to act because you think that its going to do this or that…[well] you’ve got to be in the right psychological position."
You need the right emotional base
“Frankly, some people are more subject to fear than others. It’s like the virus. It
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