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Each of us, through experience or study, has built up useful knowledge on certain areas of the world. Some areas are understood by most of us, while some areas require a lot more specialty to evaluate.
It is important to honestly define what we know and stick to those areas.
Our circle of competence can be widened, but only slowly and over time.
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If you want to improve your odds of success in life and business then define the perimeter of your circle of competence, and operate inside.
The concept has been used by Warren B...
Luck is often a combination of the right connections, the right timing, and many other influences that cannot be predicted. Hard work typically gets better results...
The absolute view is more global. What explains the difference between a wealthy person born in America and someone born into extreme poverty?
The relative view is more local. What explains the difference in results between you and everyone who went to the same school or grew up in the same neighborhood?
You can only control the slope of your success, not your initial position.
Regardless of where you start, your habits are putting you in a path to success. Your good luck requires hard work if you want to sustain your success.
Warren Buffett states that if you aren't willing to own a stock for ten years, don't even think about owning it for ten minutes.
Human nature is most concerned with short t...
It is an important skill to see the world as it is and not as we wish it should be.
None of the risks you take daily are likely to lead to death, but we act as though they would. An accurate understanding of reality is essential for producing good outcomes.
“The future will not be as good as the past but it doesn’t have to be.” This statement from Charlie Munger summed up his thoughts on public markets. Public market in the U.S. will not repeat the success of the late 90s in the 21st century.
Successful investors seem to focus on smaller, private markets, where it's more difficult to invest and where there's less competition. It's worth noting that advances in communication technology and the huge amount of capital created in the second half of the 20th century have created a more competitive public market.