What do you see in an opportunity? If it’s a toss-up between investing or not, the answer is always not to invest. Only those opportunities that are absolutely irresistible deserve your heavy bets. Even the most inexperienced Texas Hold'em player knows: If you only play the top 20 strongest hands, it’s hard to lose big money. But if you want to win big money, you have to bet boldly on AA. Buffett and Munger say life only needs 20 punch card opportunities. The wise ones bet heavily when the world offers them that opportunity. They bet big when they have the odds. And the rest of the time, they don’t. It’s just that simple. ---- Charlie Munger When it rains gold, put out the bucket, not the thimble. When gold falls, use a bucket to catch it, not a thimble. ---- Warren Buffett