I recently watched a clip of Warren Buffett where he recalled a joke about the comedian W.C. Fields. After inheriting a sum of money, Fields was asked what he did with it. ‘I spent half of it on whiskey,’ he replied, ‘and the rest I wasted.’ The joke survives because it captures a distinction that most people instinctively understand. There is a difference between spending and investing. Between consuming and building. Between enjoying today and…
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