Richard Zeckhauser

So for Charlie and Warren, the hard work is continuous, whether it results in current investing activity or not, and it usually does not.

Like world-class bridge player Richard Zeckhauser, Charlie scores himself not so much on whether he won the hand, but rather in how well he played it.

While poor outcomes are excusable in the monger-buffet world, given the fact that some outcomes are outside of their control, sloppy preparation and decision-making are never excusable because they are controllable.

One more time, sloppy preparation and decision-making are never excusable because they are controllable.

And this can lead people to making irrational decisions and something that has been identified in behavioral finance called status quo bias.

In 1988, researchers Samuels and Zeckhauser came out with a study called status quo bias in decision making and found that people overwhelmingly stick with doing nothing even when it costs them.

In 2000, Iyengar, Huberman, and Jiang studied nearly 800,000 retirement savers and found that with every 10 new fund choices added to 401k plans, participation in the plans dropped by up to 2%.

Indecision, especially given all the choices we have now for investments, I mean, we've got more ETFs than stocks now, is going to crush your wealth creation journey.