Charlie Munger on Others Around You Becoming Rich

Josh Brown reminded his followers yesterday as Bitcoin’s price went up 40% within 40 hours about Charlie Munger’s related line on the subject:

“Someone will always be getting richer faster than you. This is not a tragedy.”

Slow down. Don’t worry about how others are doing. Focus on running your race as best you can. Inner scorecard > outer scorecard.

The Only Metric That Matters for a Service Business…

…is retention. Are you able to keep your current clients?

Josh Brown states his case here in reference to financial advisory firms, but I think this perspective can be adopted by any service business.

Focus on overdelivering for the clients you have, and odds are others will recognize the value of your product/service when you inquire about working with them too.

The three bullet points I liked best from Josh’s post:

— Tell the clients what you are going to do and then do it

— Turn away potential clients whose objectives are not within your circle of competence

— Standardize the process, customize the advice