Charlie Munger on the circle of competence
You have to figure out what your own aptitudes are. If you play games where other people have the aptitudes and you don’t, you’re going to lose. You have to figure out where you’ve got an edge.
If you want to be the best tennis player in the world, you may start out trying and soon find out that it’s hopeless. However, if you want to become the best plumbing contractor in Bemidji, that is probably doable by two-thirds of you. It takes a will. It takes intelligence. But after a while, you’d gradually know all about the plumbing business in Bemidji and master the art. That is attainable.
90
1.05K reads
CURATED FROM
Understanding your Circle of Competence: How Warren Buffett Avoids Problems
fs.blog
5 ideas
·8.31K reads
IDEAS CURATED BY
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 idea is part of this collection:
Learn more about personaldevelopment with this collection
Cultivating a growth mindset and embracing challenges
Developing adaptive thinking and problem-solving skills
Effective learning frameworks and approaches
Related collections
Similar ideas to Charlie Munger on the circle of competence
Principles for seeking wisdom
- Go to bed smarter than when you woke up.
- "I’m not smart enough to figure everything out myself, so I want to master the best of what other people have already figured out."
The real career landscape
If you can figure out how to get a reasonably accurate picture of the real career landscape out there, you have a massive edge over everyone else, most of whom will be using outdated conventional wisdom as their instruction booklet.
3 key decisions that dictate the quality of your live
- Carefully choose what to focus on: If you focus on what you can’t control, you’ll have more stress in life.
- Figure out What does this all mean: Your life takes on whatever meaning yo...
Read & Learn
20x Faster
without
deepstash
with
deepstash
with
deepstash
Personalized microlearning
—
100+ Learning Journeys
—
Access to 200,000+ ideas
—
Access to the mobile app
—
Unlimited idea saving
—
—
Unlimited history
—
—
Unlimited listening to ideas
—
—
Downloading & offline access
—
—
Supercharge your mind with one idea per day
Enter your email and spend 1 minute every day to learn something new.
I agree to receive email updates