Stop Reading the News A Manifesto for a Happier, Calmer and Wiser - Life Rolf Dobelli

[ramesha M H]

The legendary investor Warren Buffett uses the wonderful term circle of competence. Anything inside this circle is an area of expertise. Anything outside it is something you don’t understand, or don’t fully understand. Buffett’s motto is as follows: ‘Know your circle of competence and stick within it. The size of that circle is not very important; knowing its boundaries, however, is vital.’ Tom Watson, the founder of IBM, is living proof of this thesis. He has said of himself, ‘I’m no genius. I’m smart in spots – but I stay around those spots.’ Organise your professional life rigorously around your circle of competence. This radical focus will bear more than monetary fruits. Above all you’ll save time, because you won’t keep having to decide where to direct your attention. Knowing your circle of competence is your tool, your scalpel, enabling you to divide sources of information into what’s valuable and what’s not.

Source: Stop Reading the News A Manifesto for a Happier, Calmer and Wiser - Life Rolf Dobelli 

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