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opportunity cost
Benefit, profit, or value of something that must be given up to acquire or achieve something else. Since every resource (land, money, time, etc.) can be put to alternative uses, every action, choice, or decision has an associated opportunity cost. Opportunity costs are fundamental costs in economics, and are used in ... more
What Kind of Problems to Solve
by Warren BuffettAfter 25 years of buying and supervising a great variety of businesses, Charlie Munger and I have not learned how to solve difficult business problems. What we have learned is to avoid them. To the ex ... Read more
