CNN Money recently asked forty people for the best advice they ever got about money. One of the people featured is Bill Nygren, the great manager of the Oakmark Select Fund.
He refers to an episode of the Johnny Carson show, where Johnny asked financial guru Andrew Tobias how someone with only $1,000 should invest it. Andrew Tobias said they should buy non-perishable items.
The crowd got quite a kick out of that answer!
Here was this great financial mind suggesting that people, with only a small amount of money, buy common, every day items instead of investing it.