Understanding your Circle of Competence: How Warren Buffett Avoids Problems
Understanding your circle of competence allows you avoid problems. As we can learn from Warren Buffett, avoiding problems is easier than solving them.
«Over time, work to expand that circle but never fool yourself about where it stands today, and never be afraid to say “I don’t know.”»
More from Farnam Street
Tit For Tat
Tit for tat is a strategy which, according to game theory, is the most effective choice for iterated games based on mutual cooperation or defection.
«Under tit for tat, a player will begin by cooperating, then in subsequent iterations will replicate whatever their opponent did last time.»
Math Makes Life Beautiful.
Math has long been the language of science, engineering, and finance, but can math help you feel calm on a turbulent flight? Get a date? Make better decisions? Here are some heroic ways math shows up…
«Being curious about the world helps us find solutions to problems by bringing new knowledge to bear on old challenges. Math and physics are actually powerful tools for investigating the possibilities of what is out there.»
The Art of Being Alone
Loneliness has more to do with our perceptions than how much company we have. It’s just as possible to be painfully lonely surrounded by people as it is to be content with little social contact. Some…
«“Loneliness, longing, does not mean one has failed but simply that one is alive.” — Olivia Laing»
Focus to Win
Since focus requires saying no, it also means really smart people and good competitors are saying no to really good ideas.
«This sounds really simplistic, but it still shocks me how few people actually practice this, and it’s a struggle to practice, but is this issue of focus.»
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How to know what you really want
From career choices to new purchases, use René Girard’s mimetic theory to resist the herd and forge your own path in life
«These are people whose desires are in some sense intertwined with your own – they can affect your desires, and you can in turn affect theirs»
Wealth vs. Getting Wealthier
Will Smith writes in his biography that: Becoming famous is amazing. Being famous is a mixed bag. Losing fame is miserable. The amount of fame almost doesn’t matter. It’s the trajectory that people…
«Will Smith writes in his biography that: Becoming famous is amazing. Being famous is a mixed bag. Losing fame is miserable.»
Money is emotional — but personal finance advice rarely accounts for that
Budgeting tips won’t get you very far if you don’t address the elephant in the room.
Where does the wealth go when asset prices go down?
It vanishes into nothingness.
«The short answer is: It didn’t “go” anywhere. It vanished. It stopped existing. That’s not a natural or intuitive idea — how can wealth just disappear? —»
How to Enjoy Life When Everything is More Expensive
How do you enjoy life when everything is more expensive? You don’t want to spend too much. But living without pleasure is also no good.
«When you look at history, you’ll notice that the platitude is right: History doesn’t repeat, it rhymes.»
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