University of Berkshire Hathaway: 30 Years of Lessons Learned from Warren Buffett & Charlie Munger at the Annual Shareholders Meeting

by Daniel Pecaut

He likened the problem to eating an extra piece of toast each day. One hundred extra calories per day doesn’t seem like much, and it provides immediate pleasure. However, after a month, you’ve consumed an extra 3,000 calories and gained one pound. Keep it up and eventually you will have a significant problem.

“If investors only had to study the past, the richest people would be librarians.”