Circle of Competence - Deepstash
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Circle of Competence

Circle of Competence

We think we know much more than we really do.

Warren Buffett and Charlie Munger developed the Circle of Competence. This mental model helps define what you know and what your limitations are. It enables you to avoid making decisions about subjects you don't fully understand.

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The Feynman learning technique

The Feynman learning technique is not a mental model but a way to approach a subject to learn it faster and better.

  • Pretend you're teaching a concept to a child. Write down in simple terms everything you know about the subject.
  • Identify the gaps.

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138 reads

Availability heuristic

The availability heuristic states that we make decisions and form conclusions based on the most recent information we gathered.

For example, if everybody starts investing in an "innovative" fund, you might do it yourself because of everything you've recently heard. But ...

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149 reads

Understanding mental models

Understanding mental models

Learning is not as easy as owning a device, internet connection and a page full of articles and videos.

Without a proper strategy, you may know isolated facts about everything, but it won't positively contribute to your future development. Understanding the seven mental mod...

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408 reads

Thought experiment

Thought experiment

The purpose of the thought experiment is to delve deeper into a given field to improve your knowledge, uncover what you don't know, and strengthen your understanding of the world.

For example, a madman has tied 5 innocent people to a trolley track. An empty trolley car ...

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208 reads

Hindsight bias

Hindsight bias

Hindsight bias is when we see past events as being predictable. But that is because we now know what happened.

When you give feedback to a person about something he did, you know the facts. That means how you frame your criticism can be distorted. You might have done th...

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127 reads

Common knowledge

Common knowledge

Common knowledge tries to describe the things everyone knows. For example, knowledge about money, that our planet circles around the sun, that 1 + 1 = 2.

However, common knowledge won't get you far in life. When you want to succeed in life, you want to stand out because you compete ...

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134 reads

Occamโ€™s Razor

Occamโ€™s Razor

This mental model explains that when we have two explanations for the same thing, we should prefer the simpler explanation.

For example, when you're learning how to operate a complicated machine or reading a book in a field where you are a beginner, find the simpler exp...

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192 reads

CURATED FROM

CURATED BY

kinn

Dreamer who loves reading, travelling and meeting new people.

The mental models for learning are your weapons to help you understand more than the basics.

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Stick to your Circle of Competence

Charlie Munger once commented that "in order to disagree with somebody you must first understand their argument better than they do."

The most common way people lose money is to overestimate how clever they are and how much they know. Even after a fifty-year investing career, both...

Circle of competence

Circle of competence

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.ย 

The concept has been used by Warren Buffett and relates to the importance ofย  honestly definining what we do know and to stick to those areas....

Circle of Competence

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.ย 

It is important to honestly define what we know and stick to those areas.ย 

...

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