Monday, November 28, 2005

Circle of competence

"If you have doubts whether something is in your circle of competence, it isn't. It's better to be well within the circle than tip-toeing along the edge."

"It's not terrible to have a small circle of competence. I think mine is pretty small."

Munger: "If you have competence, you know the edge. It wouldn't be a competence if you didn't know where the boundaries lie. It's a question that almost answers itself."


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