Admit mistakes

Admit mistakes

Although counterintuitive, admitting your errors upfront shows that you're human and can actually be a brilliant move.

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@isabelg

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Communication

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Pre-suasion

Optimal persuasion is achieved through optimal pre-suasion: arranging for people to agree with a message before they know what's in it.

Pre-suasion is about establishing your credibility and relationship. And you can do that by building trust, showing vulnerability and learning to make fun of yourself.

Build unity

When it comes to persuading people, the trust often matters more than the content of your ideas, and you get people to trust you by demonstrating that you're all on the same team.

Make fun of yourself

Showing vulnerability can, paradoxically, strengthen your argument.

You can do this by admitting missteps, but you can also strive to come across as more human and believable by making fun of yourself.

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RELATED IDEAS

  • Rule No 1: Never lose money.
  • Rule No 2: Never forget rule No. 1.

If you work from a loss, it's much harder to get back to where you started, not to mention earn gains.

10 Best Money Tips From Warren Buffett of All Time

huffpost.com

Circle of Competence

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.

Understanding your Circle of Competence: How Warren Buffett Avoids Problems

fs.blog

Buffet's Way

Buffett follows the Benjamin Graham school of value investing, which are :

  1. Look for securities whose prices are unjustifiably low based on their intrinsic worth.
  2. Look at companies as a whole - company performance, company debt, and profit margins, whether companies are public, how reliant they are on commodities, and how cheap they are.

Warren Buffett: How He Does It

investopedia.com

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