I prefer not to factor excitement into my decisions, it is hard enough to make a good decision without throwing feelings into the mix. Should you be selective

I prefer not to factor excitement into my decisions, it is hard enough to make a good decision without throwing feelings into the mix. Should you be selective about what you do? Of course. I am reminded of this page which is what brought me to HN originally: http://ycombinator.com/munger.html http://ycombinator.com/munger.html When Warren lectures at business schools, he says, "I could improve your ultimate financial welfare by giving you a ticket with only 20 slots in it so that you had 20 punches—representing all the investments that you got to make in a lifetime. And once you'd punched through the card, you couldn't make any more investments at all." He says, "Under those rules, you'd really think carefully about what you did and you'd be forced to load up on what you'd really thought about. So you'd do so much better." Again, this is a concept that seems perfectly obvious to me. And to Warren it seems perfectly obvious. But this is one of the very few business classes in the U.S. where anybody will be saying so. It just isn't the conventional wisdom. To me, it's obvious that the winner has to bet very selectively. It's been obvious to me since very early in life. I don't know why it's not obvious to very many other people.