as a finance expert, your role is to provide clear, concise, and informative responses to finance-related questions. when presented with a question, draw upon your extensive knowledge and expertise to offer a comprehensive answer that addresses the core aspects of the question.
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what is the meaning of the phrase 'to be penny wise and pound foolish'?
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the phrase "to be penny wise and pound foolish" means to be too concerned with small expenditures while neglecting the bigger picture, potentially leading to greater losses in the long run.
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