Last month the fund managers and value investors Guy Spier and Mohnish Pabrai took part in a virtual discussion and Q&A session with the Helvetian Investment Club. The title of the session was "Principles For Building Wealth & Wisdom."
One of the main principles for building wealth is to have a circle of competence and stick within it, no matter what.
Defining the Circle of Competence
Describing what a circle of competence is is difficult because everyone will have a different circle based on their psychology and experiences.
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And the fact of the matter is, most people have a very small circle of competence,...
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