What an investor needs is the ability to correctly evaluate selected businesses. Note that word “selected”: You don’t have to be an expert on every company, or even many. You only have to be able to evaluate companies within your circle of competence. The size of that circle is not very important; knowing its boundaries, however, is vital.
WARREN BUFFET
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Understanding your Circle of Competence: How Warren Buffett Avoids Problems
fs.blog
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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.
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Here are some pointers from this section:
• Understand the nature of the companies you own and the specific reasons for holding the stock. (“It is really going up!” doesn’t count.)
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