On one frigid Boston evening in 2009, I chanced upon a book, Benjamin Franklin * Selected Writings, condemned to clearance on a cold bookshelf outside a Barnes and Noble store.
It was marked down 80% but the knowledge in there is priceless. It made me recall Buffett's famous saying: Price is what you pay, value is what you get.
As I made my way in a hurry to the warm checkout counter inside the store, the sad location where I had found the book made me wonder whether in Barnes and Nobles opinion, there were more valuable books inside the store. But Barnes and Nobles' sordid cash-flows confirmed that was not the case.
I remarked to the sales clerk, how could it be that the most valuable writing of Boston's most famous son from Milk Street (my daughter has successfully talked me into visiting Milk Street) was lying out there in the cold?
Tucked away deep inside the book on page 70 is a beautiful essay - 'The Way to Wealth'.
Thankfully, it is also available on the internet at http://itech.fgcu.edu/faculty/wohlpart/alra/franklin.htm
The essay contains the secret of compounding that led Ben Franklin to financial independence:
"
Get what you can, and what you get hold;
'Tis the stone that will turn all your lead into gold,
"
The above words are very consistent with Buffett's first rule that I noted in a earlier post: Do NOT lose money! i.e. what you get HOLD !!
It was marked down 80% but the knowledge in there is priceless. It made me recall Buffett's famous saying: Price is what you pay, value is what you get.
As I made my way in a hurry to the warm checkout counter inside the store, the sad location where I had found the book made me wonder whether in Barnes and Nobles opinion, there were more valuable books inside the store. But Barnes and Nobles' sordid cash-flows confirmed that was not the case.
I remarked to the sales clerk, how could it be that the most valuable writing of Boston's most famous son from Milk Street (my daughter has successfully talked me into visiting Milk Street) was lying out there in the cold?
Tucked away deep inside the book on page 70 is a beautiful essay - 'The Way to Wealth'.
Thankfully, it is also available on the internet at http://itech.fgcu.edu/faculty/wohlpart/alra/franklin.htm
The essay contains the secret of compounding that led Ben Franklin to financial independence:
"
The above words are very consistent with Buffett's first rule that I noted in a earlier post: Do NOT lose money! i.e. what you get HOLD !!
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