BEING FRUGAL – “One of the great defenses—if you’re worried about inflation—is not to have a lot of silly needs in your life—if you don’t need a lot of material goods.” – Both Charlie and Warren have lived in upper-middle-class homes and driven older-model cars most of their lives. Why? To keep their expenses low, so that they could accumulate lots of cash to invest. How does this protect them against inflation? If you don’t need something, you don’t have to buy it—so who cares if it goes up in price? Do you really think Charlie has ever lost sleep over the ever-increasing price of a new Ferrari? -Tao of Charlie Munger by David Clark