We Study Billionaires - The Investor’s Podcast Network cover image

TIP740: The Great Mental Models Part 1

We Study Billionaires - The Investor’s Podcast Network

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The Circle of Competence and First Principles Thinking

This chapter explores the circle of competence, emphasizing the need for self-awareness in decision-making and the importance of acknowledging one's limitations. It discusses first principles thinking as a tool for innovation and problem-solving, using practical examples and techniques to encourage a deeper understanding of complex investment scenarios. Additionally, the chapter examines the value of thought experiments and destination analysis in forecasting business futures and considering long-term impacts of decisions.

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