4 Opportunity cost.

Munger: "Opportunity cost is a huge filter in life."

"If you’ve got two suitors who are really eager, and one is way than the other, you do not have to spend much time with the other. And that’s the way we filter stock buying opportunities."

"If you have one opportunity available in large quantity, and you like it better than 98% of the other things you see, well, you can just screen out the other 98% because you already know something better."