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Finding Your Circle of Competence in Investing
The chapter explores the importance of aligning personal interests with investment choices, emphasizing the significance of pursuing investments that resonate with one's passions. It delves into Warren Buffett's concept of the 'circle of competence' and the strategy of focusing on well-understood businesses rather than predicting the future of every company in the market. The conversation also touches on Warren Buffett's stance on market crashes and the necessity of being prepared in advance to capitalize on investment opportunities.