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Thursday, December 28, 2006

Circle Of Competence

Charles T Munger, Vice-Chairman of Berkshire Hathaway Corporation writes:

'There are a lot of things we pass on. We have three baskets: in, out, and too tough...We have to have a special insight, or we'll put it in the 'too tough' basket. All of you have to look for a special area of competency and focus on that.'

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