The most important thing in terms of your circle of competence is not how large the area of it is, but how well you've defined the perimeter.
Warren BuffettI'll tell you why I like the cigarette business. It cost a penny to make. Sell it for a dollar. It's addictive. And there's a fantastic brand loyalty.
Warren BuffettToo often, a vast collection of possessions ends up possessing its owner. The asset I most value, aside from health, is interesting, diverse, and long-standing friends.
Warren Buffett