In his own words
Munger on Circle of competence
3 sourced quotes. All themes →
“Knowing what you don't know is more useful than being brilliant.”
Captures his oft-repeated stance on the limits of competence; widely cited, exact occasion not pinned to one recording.
“We have three baskets for investing: yes, no, and too tough to understand.”
Frequently quoted from the Berkshire and Wesco meetings; wording varies.
“If something is too hard, we move on to something else. What could be simpler than that?”