Lecture on Srimad Bhagavatam, Canto 8, Chapter 11, Text 8 by Ramai Swami.
Seeing the movements of time, those who are cognizant of the real truth neither rejoice nor lament for different circumstances. Therefore, because you are jubilant due to your victory, you should be considered not very learned.
Bali Maharaja knew that Indra, King of heaven, was extremely powerful, certainly more powerful than he himself. Nonetheless, Bali Maharaja challenged Indra by saying that Indra was not a very learned person. In Bhagavad-gita (2.11) Krishna rebuked Arjuna by saying:
asocyan anvasocas tvam
prajna-vadams ca bhashase
gatasun agatasums ca
“While speaking learned words, you are mourning for what is not worthy of grief. Those who are wise lament neither for the living nor the dead.” Thus as Krishna challenged Arjuna by saying that he was not a pandita, or a learned person, Bali Maharaja also challenged King Indra and his associates. In this material world, everything happens under the influence of time. Consequently, for a learned person who sees how things are taking place, there is no question of being sorry or happy because of the waves of material nature. After all, since we are being carried away by these waves, what is the meaning of being jubilant or morose? One who is fully conversant with the laws of nature is never jubilant or morose because of nature’s activities. In Bhagavad-gita (2.14), Krishna advises that one be tolerant: tams titikshasva bharata. Following this advice of Krishna’s, one should not be morose or unhappy because of circumstantial changes. This is the symptom of a devotee. A devotee carries out his duty in Krishna consciousness and is never unhappy in awkward circumstances. He has full faith that in such circumstances, Krishna protects His devotee. Therefore a devotee never deviates from his prescribed duty of devotional service. The material qualities of jubilation and moroseness are present even in the demigods, who are very highly situated in the upper planetary system. Therefore, when one is undisturbed by the so-called favorable and unfavorable circumstances of this material world, he should be understood to be brahma-bhuta, or self-realized. As stated in Bhagavad-gita (18.54), brahma-bhutah prasannatma na socati na kankshati: “One who is transcendentally situated at once realizes the Supreme Brahman and becomes fully joyful.” When one is undisturbed by material circumstances, he should be understood to be on the transcendental stage, above the reactions of the three modes of material nature.