charlie munger

To get what you want, deserve what you want. Trust, success and admiration are earned. Learn to love and admire the right people, alive or dead. Acquiring wisdom is a moral duty as well as a practical one. Learn to fluency the big multidisciplinary ideas of the world and use them regularly Learn to think through problems backwards as well as forward Be reliable. Unreliability can cancel out the other virtues Avoid intense ideologies....

The concept of the Circle of Competence has been used over the years by Warren Buffett as a way to focus investors on only operating in areas they knew best. The bones of the concept appear in his 1996 Shareholder Letter : 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....