Unlike Williams, Buffett can’t be called “out” on strikes if he resists pitches that are barely in the strike zone. If we stray, we will have done so inadvertently, not because we got restless and substituted hope for rationality. Instead, we just stick with what we understand. If others claim predictive skills in those industries-and seem to have claims validated by the behaviour of the stock market we neither envy not emulate them. Predicting the long term economics of companies that operate in fast-changing industries is simply far beyond our perimeter. If we have a strength, it is in recognizing when we are well within our cycle of competence and when we are approaching the perimeter. Warren Buffett understands sticking to what you understand rather than chasing what’s new and exciting. “It’s not a competency if you don’t know the edge of it.” - Charlie munger If you want to test your understanding of something (or learn something new), try this approach. As Richard Feynman once said, “the first principle is that you must not fool yourself, and you are the easiest person to fool.”Ī common mistake is to confuse familiarity with understanding. The most important thing about your circle of competence is knowing where it starts and stops. This is your Circle of Competence, your “sweet spot.” We all possess a zone of opportunity, where the odds are in our favor. Williams took this advice to heart, meticulously dividing the strike zone into 77 baseball-sized spaces, and understanding which pitches yielded the highest odds of success for him. Williams understood that average batters turned into great batters if they waited for the right pitch, and even the best batters turned into average ones if they swung at the wrong pitch.Ī good hitter can hit a pitch that is over the plate three times better than a great hitter with a questionable ball in a tough spot.Īccording to baseball legend Rogers Hornsby, the most crucial factor for a hitter is getting a good ball to hit.
Impatience, on the other hand, could lower his success rate to a mere 23-25%. Being patient and waiting for the right opportunity, offered a 40% hit rate. Players from both teams surrounded Williams on the mound to show their respect for the legend's inspiring career, both on and off the field.Williams recognized that waiting for a pitch in his sweet spot significantly increased his chances of getting a hit. During the 1999 MLB All-Star Game at Fenway Park, Williams made one of his most memorable public appearances when he was escorted to the pitcher's mound in a golf cart as the Boston crowd roared. Williams was inducted to the Baseball Hall of Fame in 1966 and his iconic No. He holds the all-time record for career on-base percentage (.452) to this day, and no one else has been able to hit. Bruins GM Admits Roster Changes Are Coming: ‘We're Not Going to Be the Same Team'ĭuring his time as captain of the Marine Corps, Williams earned a number of prestigious awards including the Presidential Medal of Freedom, three Air Medals for Aerial Flight Operations, Navy Unit commendation, American and Asian Pacific Campaign Medal, World War II Victory Medal, National Defense Service Medal, and more.Īfter returning from the Korean War, Williams went on to enjoy seven more seasons in the majors and was an All-Star for each of them.
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