What I learned from Warren Buffett

Not from him personally, you understand, but from watching the HBO documentary "On Becoming Warren Buffett."

Making his daily breakfast stop at McD's drive thru on the way to his office, Mr. Buffett spends either $2.61 (2 sausage patties), $2.95 (sausage, egg and cheese biscuit) or $3.17 (bacon, egg and cheese biscuit).

Here's the important part:  his choice depends on the market conditions.  Market down?  Go with the $2.61 option.  Stagnant?  It's the $2.95 meal.  Going up?  The full $3.17 splurge.

If Ben Franklin were alive today, he might phrase it this way in Poor Richard's Almanack:

Live today based on what you earned yesterday, not on what you hope to earn tomorrow. 

I call that a wise saying.

Penny Pincher