In 2007, Mohnish Pabrai paid $650,100 to have lunch with billionaire investor Warren Buffett. During the meal, Pabrai asked Buffet about Buffett’s former business partner, Rick Guerin.  Guerin, a once prolific investor, had worked on several big deals with Warren Buffet and his partner Charlie Munger. But in the 1980s, Guerin all but vanished from […]

In his book, The Psychology of Money, Morgan Housel shares a distinction between being rich and wealthy.  The former, says Housel, is about income. To borrow an example from the book, a person driving a $100,000 car is likely rich due to a certain income level needed to afford the monthly payments. Rich people, says Housels, […]

In his groundbreaking book, Feeling Good, Dr. David Burns explains that thoughts (or cognitions) create feelings, and negative feelings almost always contain gross distortions. Suppose you’re feeling anxious, for instance. In that case, it’s possible to identify the thought that occurred prior (“I’m going to make a mistake”) as well as the corresponding distortion (fortune-telling) and […]

Joe Girard is regarded by many as the greatest salesperson of all time. A true rags-to-riches tale, Girard talked his way into a job at a Chevrolet dealership where, in 1973, he sold a staggering 1,425 cars, a feat later recognized by the Guinness Book of Records. His record, though challenged by many, remained unbeaten for […]