| “To invest better, read better.” So says Warren Buffett, as quoted in this month’s column from Colin Kelley. It’s good advice, and reading those words reminded me this morning that I’ve got a copy of Poor Charlie’s Almanack at home. Charlie Munger is and has been Buffett’s right-hand man for many years at Berkshire Hathaway. He’s the quieter counterpart, the Teller to Buffett’s Penn. And he’s about as well read as they come. I opened the book (a hefty 532-page coffee-table slab) and scanned Munger’s prose for something that might be relevant to the cannabis space. In each chapter, Munger offers a clear glimpse into his short- and long-term investment thought process (read: his risk analysis methods). Not all investments are strictly financial; some draw on your time, others draw on your attention, still others draw on your own creative energy. You and your team must nimbly navigate all of those straits. “It’s not the bad ideas that do you in, it’s the good ideas,” Munger writes. “And you may say, ‘That can’t be so. That’s paradoxical.’ What [investor Benjamin Graham] meant was that if a thing is a bad idea, it’s hard to overdo. But where there is a good idea with a core of essential and important truth, you can’t ignore it. And then it’s so easy to overdo it. So the good ideas are a wonderful way to suffer terribly if you overdo them.” I bet your business is churning out good ideas left and right. But have you assessed how far you’re taking those ideas? Are you stretching past the boundary of good sense? Are you investing as efficiently as you can in your ideas? -Eric Sandy, Digital Editor | 
