Circle of Competence

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"# Circle of Competence Omaha. 1983. Warren Buffett sits in his office, writing to his shareholders. And he uses a phrase that's going to echo through investment circles for decades: "You don't have to be an expert on every company... or even many. You only have to be able to evaluate companies within your circle of competence." Circle of competence. Three words that sound almost *boring*... until you realize what they actually mean. Which is that most of us are walking around pretending o..."