Wednesday, May 23, 2012

Best choice and circle of competence

I like reading about Warren Buffet.
I like his investor philosophy. It made me conscious about the impact of every of my money action. (or inaction)

But I like even more his simple wisdom.

"Stick to what you know"
He doesn't have any regret about bad decisions he took that was outside his circle of competence.
The best choice is not an universal concept defined by the world. 
The best choice is limited by your current knowledge of the situation.

This means that nobody can decide for you that you could have done better.
If it was not in your circle of competence, you could not have done better. That's it. End of the story.

This philosophy places you at the command of your life. The best choice depends on your knowledge only. 
Who is better placed than you to decide what you want to know ?

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