#295 I had dinner with Charlie Munger
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Differentiation is Survival: Lessons from Jeff Bezos and Warren Buffet
The advice from Jeff Bezos and Warren Buffet is to only bet or play games where you have the advantage and the odds are in your favor. This is similar to the concept of differentiation is survival, which means that in order to survive, you need to have a unique and distinct advantage. Warren Buffet demonstrated this by shutting down his hedge fund when he could no longer find cheap investment opportunities, while Charlie continued to invest and suffered losses during the stock market crash. Warren, on the other hand, had cash available and was able to take advantage of the crash by investing in undervalued companies. The key takeaway is that differentiation and the ability to recognize and act on favorable odds are essential for survival and success.
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