Buy and Hold: The Comparison Trap
Mr. Buffet and I met for a sandwich lunch to to chat about 2025 goals. My fantasy finance advisor mentioned that consumer credit card debt continues to rise. Mr. B. views credit card debt as Kryptonite for one's savings and, more significantly to him, investing. He says that people are continuing to spend in a "Covid Compensation" mode even now. I added that a depressing trend has arisen as prices rise: the Comparison Trap, which begins by flirting with a pricey purchase, then thinking I could have spent $$$ on this, but I'll find something cheaper and spend $$, a few times over. Net result, you spent almost as much—if not more— for mediocre goods. And when women shop for clothes and accessories, the Comparison Trap is practically built in. I met a girlfriend I'll call "Claire" at an upscale mall. She likes to dart into gaspingly expensive boutiques, to, as she said, "pet the fabrics", like a brushed-cashmere sweater. She found $650 steep fo...
