Now that I've been baptized in the 4HWW, I've been following the author Tim Ferriss's blog. One post I found very practical was "5 World-Class Vices for less than $5". In it, Tim describes a few items that are the best in the world of their types -- wines, chocolate, etc -- but are very low cost. I've been trying to find all of the items mentioned in the article and many more in the comments.
But more abstractly, this got me thinking about value. I define value as 'high quality for a relatively low cost, relative to other options'. For example, the Bugatti Veyron is an amazing car. It has some of the best engineering ever devised by man, it is incredibly fast, and at $1.4M pretty expensive. However you measure it, it is of very high quality. But it is probably not a very good value. If you use your car to go to work and the grocery store, a $10k used Nissan is probably a much better value to you. The Nissan has less quality than the Bugatti, to be sure, but the utility, performance, and maintainability make it ...