Circle of Competence Issue #35
Quote of the week: "Learning never exhausts the mind." - Leonardo da Vinci
FOOD FOR THOUGHT
This week I listened to a great podcast by The Real Estate Guys
on networking and attracting like-minded people. I stumbled upon Robert and Russell's work this week and look forward to listening to future episodes. Given the topic of networking, I started thinking more broadly about the purpose of Circle of Competence. A few thoughts:
My first goal is simply to expand my own circle of competence as broadly as possible - I am shooting for Munger level broadness of fields and Buffett level depth of financial expertise - and share what I am learning and reading with other like-minded individuals.
My second goal is to expand my network of investors and business men and woman who are on their own journey of expanding their own circles of competence, to connect with my readers on individual levels, and learn from their experiences. The key point of the podcast above was that connections and relationships are best made when both parties have something of value to offer the other. While I may not have access to gobs of capital at my disposal, I think my added value is purely intellectual and would anticipate that most of my readers' would be as well. Just last week, I connected to a young investor working with a search fund and found our conversation highly stimulating - and we'd never met in person before! So if you are a subscriber and have a question, a need, a thought, a recommendation, or just want to chat - please reach out. I love meeting new people and have met several through this blog in the half year I've been writing. These people have made the effort so much more rewarding.
Finally, I write to organize my thoughts. There really is no better way to solidify your thinking than writing it down and refining it. I have heard and read this many times from great writers such as Buffett, Howard Marks, Seth Klarman and others... but until I began doing it myself, I had no idea how clarifying the writing process would be for my own thoughts.
I just finished a copy of Will Thorndike's 'The Outsiders: Eight Unconventional CEO's & Their Radically Rational Blueprint for Success' and boy was it a page turner (H/T Neil O'Donnell)! I could write pages of lessons learned from the book, but I wouldn't want to spoil the fun for potential readers. I can't recommend this book highly enough because it gives real world examples of capital allocators that achieved stunning returns using tactics that seeme