Alec Hogg: Stick within your circle of competence

A couple months back I picked up my golf clubs after an 11-year break. The "retirement" started with our thoroughbred farming adventure in the matchless KZN Midlands and continued after we returned to Joburg because my two closest pals were no longer around (one died, the other moved to California)..Also read: Alec Hogg: Fiction's restorative benefits.Yesterday was my 10th game back. It's been a joyful return, but also proof that unless you work at it, after a certain age one's golf handicap seems to naturally rise by a shot a year. This wonderful game is also a practical reminder to follow Buffett and Munger's advice of sticking within your circle of competence..When introducing Charlie Munger ahead of last week's rare interview, the Caltech dean shared a famous quote by the 96-year-old: "It is remarkable how much long term advantage people like us have gotten by trying to be consistently NOT stupid instead of trying to be very intelligent.'.___STEADY_PAYWALL___.Also read: Alec Hogg: Interview with Charlie Munger.In golf, especially at my now modest level, we are constantly reminded this translates into patiently chipping out when the ball's in the rough, rather than gambling on the spectacular. The same in life. Especially when operating in a field where you're no longer at the top of your game..TO LISTEN….Latest audio on BizNews Radio.…..(click on the link to access).Flash Briefing: New Covid-19 strains spark panic around the world#Best of BizNews: Tobacco insider on Xmas arriving early#Best of BizNews: Prof Michael Levitt speaks to Alec Hogg #Best of BizNews: Magnus Heystek, Brett Duncan investing advice #Best of BizNews: FirstRand founders share their insights.TO WATCH….Plenty to choose from on the BizNews TV channel on Youtube….Also, in ase you haven't watched it yet, here's the link to last Thursday's hour-long interview with Charlie Munger featured yesterday: https://www.youtube.com/watch?v=WaDU1J91hY8

Alec Hogg: Stick within your circle of competence

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