“When the crash came I had money, and I was one of the very few who really had it.”
Hetty Green
Pie Counter
Charlie Munger, Warren Buffett’s legendary partner at Berkshire Hathaway, shared a razor-sharp lesson he called “trips to the pie counter,” a metaphor for the rare, high-stakes opportunities that define success. He believed that life, especially in investing, isn’t about racking up countless small wins—it’s about recognizing those few extraordinary moments, like Buffett’s blockbuster investments in Coca-Cola or See’s Candies, and loading up when they come. Munger insisted you only get a handful of these “trips” in a lifetime, and they strike unpredictably, so you’ve got to be ready. That readiness starts with savings—not just a little tucked away, but a substantial cushion built over time through discipline and foresight. Savings give you the firepower to act when the pie counter beckons, whether it’s a market crash offering bargains or a once-in-a-decade business deal. On the flip side, overspending is a trap that can derail you—racking up debt, splurging on fleeting pleasures, or chasing a flashy lifestyle leaves you broke when the big chance arrives. Warren Buffett put it perfectly: “Do not confuse the cost of living with the standard of living.” Spending to keep up appearances inflates your expenses without enriching your life, draining the reserves you need for those rare, game-changing moves. Blow your income on the trivial, and you’ll be stuck watching someone else take the pie—because those fleeting opportunities don’t care if you’re overextended; they demand you’ve got the cash and clarity to pounce.
“Opportunity comes to the prepared mind.”
Charlie Munger