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Joshua Kennon
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Joshua KennonJoshua Kennon
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Daily Archives: December 11, 2011

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Charlie Munger at the Berkshire Hathaway Shareholder Meeting

Investing Advice from Charlie Munger

Portfolio ManagementBy Joshua KennonDecember 11, 20113 Comments

Here are some words of wisdom I came across about portfolio management and building wealth from billionaire Charlie Munger. We’ve really made the money out of high-quality businesses.  In some cases, we bought the whole business.  And in some cases, we just bought a big block of stock.  But when you analyze what happened, the…

Opportunity Cost In Life

Everything In Life Has An Opportunity Cost

EconomicsBy Joshua KennonDecember 11, 2011Leave a comment

In economics, opportunity cost is defined as the cost of not choosing the next, best alternative for your money or time.   Everything in life has an opportunity cost.  If you want to go to the movies with friends it means you can’t stay home and read a good book.  If you want to spend cash on…

Group Well-Being Versus Individual Well-Being

Group Well-Being Versus Individual Well-Being: Knowing Your Priorities

PhilosophyBy Joshua KennonDecember 11, 20111 Comment

I want you to take a moment and put yourself in a scenario that will tell you a lot about your thought processes and inner priorities regarding individual well being versus group well being. You are married with three children.  Your family is your highest priority.  Your life is comfortable.  You earn more than $100,000…

Mental Model by Joshua Kennon

Mental Model: The Micawber Principle

Psychology, Saving MoneyBy Joshua KennonDecember 11, 20111 Comment

Mental Model: The Micawber Principle In Charles Dickens’s novel, David Copperfield, published in 1850, the eternal optimist Wilkins Micawber was known for saying “something will turn up”.  He was poor but lived in expectation of becoming rich, sometimes foolishly taking on debts due to the belief.  We have Micawber to thank for one of the…

Nothing Happens Until Something Is Sold

Making Money: Nothing Happens Until Something Is Sold

Making MoneyBy Joshua KennonDecember 11, 20111 Comment

As Gene Bedell wisely reminds us, nothing happens until something is sold.  That is one of the greatest business truths you can ever learn.  Get it engraved on the back of a watch, keep it in your pocket inscribed on a small sheet of paper, or repeat it to yourself silently, but learn this principle so…

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