Building Your Circle of Competence

Faros Kaayoum: How to best emulate your success in building your circle of competence given the environment today and investing is a lot more competitive than when you started out. Would you still build a very broad generalist framework or would you build a much deeper but narrower focus say on industries markets or even a country? Charlie Munger: You've got way more competition now but if you get to know even about a relatively smaller yeah more than other people do, then odds are strongly in your favor. It's still a very interesting game it's harder than it used to be Charlie well I think we arrived.