Customer Quote by Rolf Dobelli
““This is how top investor Warren Buffett does things: “Each deal we measure against the second-best deal that is available at any given time—even if it means doing more of what we are already doing.””
About This Quote
Source Book: The Art of Thinking Clearly by Rolf Dobelli, 2013
Evaluate each opportunity by comparing it to the next best alternative, even if it means repeating familiar actions.
In simple terms: Compare options to the second-best choice.
Key Takeaway
Use the second-best benchmark.
Themes
decision-making
strategy
investment
comparison
Mood
analytical
pragmatic
Type
advice
philosophical
When to use this quote
- business negotiations
- investment decisions
- project selection
- resource allocation
Key Concepts
opportunity cost
benchmarking
risk assessment
Questions to Reflect On
- How does this approach affect innovation?
- When might a different benchmark be better?
A Different Perspective
Focusing on the second-best may overlook unique opportunities.
