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By Joshua Kennon, | 17 October 2007
Take Charlie Munger's Advice— Know Your Opportunity Cost!
This week, I decided that it would be wise once again to read
Poor Charlie's Almanack Expanded Second Edition. The Wit and Wisdom of Charles T. Munger"by Charlie Munger,
a book released at the Berkshire Hathaway shareholder meeting detailing the wit and wisdom of the company's Vice Chairman, Charlie Munger. The multi-billionaire is a living, breathing walking didactic exercise in how one should live their life and, I would count myself lucky to end up as high a caliber man as he.
In one section, he says, "If you take the best text in economics by Mankiw, he says intelligent people make decisions based on opportunity costs— in other words, it's your alternatives that matter. That's how we make all of our decisions." That advice is key to choosing your investments and building your portfolio.
M O R E. . .
Normxxx
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