Choice

At some point, read this in its entirety, even if you hate finance. For now, read this excerpt:

When Warren lectures at business schools, he says, 'I could improve your ultimate financial welfare by giving you a ticket with only 20 slots in it so that you had 20 punches representing all the investments that you got to make in a lifetime. And once you'd punched through the card, you couldn't make any more investments at all.' He says, 'Under those rules, you'd really think carefully about what you did and you'd be forced to load up on what you'd really thought about. So you'd do so much better.'

Limiting your choice can do wonders for your mind, concentration and creativity. It is the virtue of cost. It is the idea behind Rule 3 and will likely be a central feature of future posts.

UPDATE: Another excellent example of how limiting choice helps you.