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.
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Understanding your Circle of Competence: How Warren Buffett Avoids Problems
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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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