Technically a Bertrand Russell re-quote. It is very illustrative how bad business practices can go unchecked until they are too heavy to hide anymore.
Warren values having independent thought. Trying to go along with the crowd instead of your own principles is a sure-fire way to make mistakes.
It is easier to make forward progress if you minimize the amount of backwards progress you make.
This analogy highlights the sunk-cost fallacy where we often over weigh our emotional investment into our current situation.