I can’t say I’m enamoured of Warren Buffett. But he is no fool and he does speak sense. From the Weekend AFR, June 6-7, p.44:
One of the best things you can do in life is to surround yourself with people who are better than you are. High-grade people. You will end up behaving more like them, and they, in turn, will get it back from you.
It’s like a planetary system. If you hang around with people who behave worse than you, pretty soon you’ll start being pulled in that direction. That’s just the way it seems to work. Who you hoose to associate with matters …
I believe very strongly in operating within what I call my “circle of competence”.
The most important thing in terms of our circle of competence is not how large it is but how well you define the perimeter.
If you know where your edges are, you are way better off than somebody who has a circle five times as large but is very fuzzy about the border.
Knowing what to leave out is as important as knowing what to focus on.
Tom Watson, the founder of IBM, put it best. He said: “I’m no genius – but I’m smart in spots, and I stay around those spots.”