A story about my friend whose team didn't want to pay for a $110,000/year software tool that would save them from needing at least one more employee. Are you being pennywise and pound foolish when evaluating tools for your business? Charlie Munger is one of the most prolific investors in history, in terms of both financial returns and imparted wisdom. His ideas:

The company that needs a new machine tool, but hasn’t bought it, is already paying for it.

The person who is in need of a new thinking tool, but hasn’t yet acquired it, is already paying for it.

These Mungerisms and apply to your marketing.

Resources:

Book: Poor Charlie's Almanack (foreword by Warren Buffett)

YouTube summary of Munger's Mental Models (18 minute video)

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