Circle of Competence 101

Warren Buffett and Charlie Munger often reference the importance of knowing the boundaries of your circle of competence.

But what is a Circle of Competence and how does it work?

Here's Circle of Competence 101!

1/ First, a few definitions.

A Circle of Competence is the set of topic areas that align with a person's expertise.

If the entire world of information were to be expressed in a circle, an individual's Circle of Competence is the small sub-circle that represents their expertise.

2/ The idea surfaced in the 1996 BH annual letter.

"You don’t have to be an expert on every company...you only have to be able to evaluate companies within your circle of competence. The size of that circle is not very important; knowing its boundaries, however, is vital."

3/ A Circle of Competence is built over time.

It is built through experience, reading, dedicated study, and effort.

It is dynamic, not static.

It can expand as you deepen your knowledge in new areas. It can contract if you fail to nurture your existing areas of expertise.

4/ To engage this mental model in your life, there are two key processes to go through:

(1) Identify what falls within your circle
(2) Identify the boundaries of your circle

(1) is all about figuring out what you know, while (2) is about humbly admitting what you don’t.

1) Congress is incentivized to see Pence's role as passive.

But Constitutional scholars differ and/or acknowledge that varying interpretations exist.

Note: I am NOT predicting what Pence will do. I will just be highlighting some ambiguities.

(Apologies - will be long thread)

2) Edward Foley is head of Election Law Dept at Ohio U.

He is Left & originator of Blue Shift theory

What follows are quotes from his "war-game" paper published in the Loyola University Chicago Law Journal - Preparing for a Disputed Presidential

3) "As part of an effort to prepare for the risk of a disputed presidential election in 2020, it is imperative to consider how the embarrassingly deficient procedures might operate if they were actually called into play."

4) "The Constitution itself says remarkably little relevant to this topic, and what it does say is shockingly ambiguous."

Here is the applicable text of the Twelfth Amendment:

5) "The first thing to observe about this constitutional language is that the critical sentence is written in the passive voice: “the votes shall then be counted.” Here, thus, is the first frustrating ambiguity."

https://t.co/nWSFLFFnte

2/ Regarding A. I'm long $TSLA, believe it isn't a bubble and the naysayers are shortsighted and wrong.

Only time will tell about A, but B we already know - $TSLA joined at an ATH of $695 then fell - but it's now at $763, so it ADDED value, not detracted.

BUT..

3/ But the question of whether $TSLA brings risk to the S&P is WRONG by itself. The whole idea of an INDEX FUND like S&P500 is to be passive, and it's THE ACTIVE MANAGER DECISIONS that introduce risk

Being profitable and large TSLA should have been added ON Q2 EARNINGS.
..

4/ Before we analyze implications, consider this:

DataTrek Research estimates that if on Jan 1 2020 an investor had put $5 of every $100 invested in an S&P 500 ETF into $TSLA, their return by Dec 11 2020 would've increased by roughly 31%!
(more by

5/ But that's hypothetical bc $TSLA didn't qualify for S&P at Jan 2020, and 5% is more than its share today.

Tesla DID qualify on Q2 earnings but was admitted after Q3. Comparing 12/21 price ($695) to 9/21 price ($449) is wrong bc by 9/21 price fell after news of not including.

□■□■ Islamic Banking □■□■
In 1983, the first Islamic Bank (the Bank Islam Malaysia Berhad) was established in Malaysia through the introduction of the Islamic Banking Act. They are not recognised by a number of non-Islamic nations, including India.

In late 2008, a committee on Financial Sector Reforms, headed by former RBI governor Raghuram Rajan, had stressed on the need for a closer look at the issue of interest-free banking in the country and supported Islamic Banking system in India.

The RBI had in February, 2016 sent a copy of the IDG report to the finance ministry and recommended an "Islamic window" in conventional banks for gradual introduction of Sharia-compliant banking.

As per report:-
"In our considered opinion, given the complexities of Islamic finance and various regulatory and supervisory challenges involved in the matter and also due to the fact that Indian banks have no experience in this field, Islamic banking may be introduced in India.

"Initially, a few simple products which are similar to conventional banking products may be considered for introduction through Islamic window of the conventional banks after necessary notification by the government," it had said in a letter to the ministry.

(Thread)
1/ It doesn’t matter whether you’re black, white, brown, or anywhere in between- if you were born in America, you won the world lottery.

Our nation, which makes up under 5% of the world population, holds the vast majority of its wealth and power.

SCOOP: San Diego Unified School District tells white teachers they are guilty of “spirit murdering” black children and should undergo “antiracist therapy for White educators.”

I've obtained explosive whistleblower documents from the training session. Let's dig in. 🧵

This summer, San Diego Unified hired critical race theorist Bettina Love for a district-wide training on "[challenging] the oppressive practices that live within ... school organizations." The district forbade recordings, but my whistleblower took screenshots and detailed notes.

According to the whistleblower notes, Love began by saying that "racism runs deep" in America and that blacks alone "know who America really is." Love claimed that public schools "don't see [blacks] as human," perpetuate “anti-Blackness,” and "spirit murder babies."

The concept of “spirit murder” is at the heart of Love’s teachings. Love writes that public schools are guilty of “the spirit murdering of Black and Brown children,” defines as “a death that is built on racism and intended to reduce, humiliate, and destroy people of color.”

During the presentation, Love argued that “Whiteness reproduces poverty, failing schools, high unemployment, school closings, and trauma for people of color.” She insisted that “white educators must take responsibility” because they uphold “white supremacy culture.”

Good morning!

I'll be following @blackhousenew and @itsa_talia on Twitter for coverage of DC today.

If you'd like to support their independent journalism, follow these Patreon links.

Black House News: https://t.co/JItj7d9uMS
Talia Jane:

2/ Chants of "Fuck Reuters" and "Uhuru"-- the Proud Boys ironic appropriation of a pan-African socialist movement-- happening on @Reuters' livestream.

"Patriots, storm the capital!" shouted through bullhorn.

3/ Proud Boys founder Gavin McInnes is in the crowd, wearing a plate carrier and black baseball hat and generally looking stupid.

4/ Trump is now speaking, an hour late.

He claims that the "fake news media" has stolen the election.

5/ "We will stop the steal," Trump tells the crowd. "This was not a close election.... I've been in two elections, and the second one I won much bigger than the first."

📢THREAD

Last week the Government announced, for the first time, that the EU rejected the UK’s proposals for ‘an ambitious agreement with the EU on the temporary movement of business travellers’ that would have ‘covered musicians and others’. 1/18

This is the first time the Government let it be known that they would not be able to make good on the assurances they had given the music sector regarding future travelling and working in the EU. 2/18

In February 2020 the Government stated that its objective was to negotiate a Canada-style trade agreement with the EU, similar to the free trade agreements the EU has previously struck with other friendly countries… 3/18

… and through its negotiations on mobility it was exploring how it could provide greater certainty for the music industry via reciprocal provisions based on ‘best precedent’. 4/18

But there was no precedent to this. A ‘Canada-style’ deal does little if anything for services. For example, Canadian musicians are treated as third-country nationals when travelling to the EU for work. It wasn't in the best interest of the music sector to seek this deal. 5/18

1. .Military Intelligence Contact Update: He confirmed many of Mr. Fleming's sources and said that over the weekend much happened to keep the RV/GCR roll out going ushering in the gold-standard (Judy Shelton confirmed by the Senate Banking Committee to the Fed board last...

"The traumatic event of the 1946 Great Calcutta Killing drove many
into the underworld. The name which finds constant mention in this
context is of Gopal Mukherji (alias Gopal Pantha) of Malanga who raised
the ‘Bharat Jatiya Bahani’ to protect Hindus during the riot. 1/9

The Bahani, to quote a police report, was a ‘private army’ trained in the use of explosives and firearms. According to Gopal Mukherjee’s own
submission the Bahini had at one point 400 activists. 2/9

Most of them were like Krishna who had to abandon their quarters in Muslim majority areas in search of safety. Others like Dinabandhu Datta (alias Andrew, alias Indu) or Santosh Kumar Pal or Bhanu Bose belonged to middle class families and joined the Bahini to avenge... 3/9

the humiliation suffered by their community at Muslim hands.

Sometimes known ‘musclemen’ such as Basanta of Beadon Street were recruited by Gopal Mukheijee to repulse, what he called, ‘Muslim marauders’. 4/9

There were also examples of people like Lakshminarayan Parel (alias Lakha) who joined the Bahini to acquire a skill in manufacturing unlicensed firearms.
The Bahini received liberal financial help from prosperous Hindu
personalities during the communal fury. 5/9

*** Mini-Thread ***

Who I Am and What I Stand For...So There Are No Further Misunderstandings

1/

I am opposed to Trump, who was the reason I joined Twitter in the first place...so that I could educate people about Trump and his Russian mob connections.

2/

I am viscerally anti-partisan. I have no interest in partisan politics. I have no desire to engage in ANY discussion that is rooted in the "Us vs. Them" BS of party politics.

3/

I have an interest in identifying, calling out and countering subversion, information warfare and social media grifting.

4/

I have an interest in facts.

I object to social media narratives that are not factually-based.

I object to "Moscow Mitch" because, asshole that Mitch may or may not be, he doesn't work for Moscow.

5/

Today we report the use of base editing in patient-derived cells and in mice to correct the most common cause of progeria, the devastating rapid aging disease. Progeria is typically caused by a dominant negative C•G-to-T•A point mutation in LMNA. 1/11 https://t.co/O7dkEYpndg

The mutation (discovered by @NIHDirector’s lab in 2003) results in progerin, a toxic protein that damages nuclei. So providing more healthy LMNA is not a solution, and cutting the mutated gene with nucleases is also challenging due to indel mixtures & similarity with wt LMNA.2/11

We used an adenine base editor to convert the T•A that causes progeria back to C•G at the key position in LMNA. Base editing in cells from progeria children corrected the mutation efficiently (~90%) with minimal indels or off-target edits, and restored nuclear morphology. 3/11

We then performed in vivo base editing of a mouse model of human progeria developed by @NIHDirector’s lab. These mice have two copies of the mutated human LMNA gene, and develop heart disease, age rapidly, & die early (~7 mo.), resembling symptoms of the disease in children. 4/11

A single injection of AAV9 (10^11-10^12 total vg) encoding the base editor into the circulatory system of these mice resulted in ~10-60% correction of the mutation in various organs, corrected the RNA missplicing of LMNA, and reduced progerin protein levels in tissues. 5/11

Occupational #wearables for monitoring low back load have potential to improve ergonomic assessments & enable personalized, continuous monitoring of overexertion injury risk in the workplace.
#biomechanics #ergonomics

Encouraged by what we

We wanted to know: if we can only use a small number of wearable sensors to monitor low back loading, then which sensors should we use, where should we place them, what type of algorithm should we employ, & how accurately can we monitor back loading during material handling?

2/

😎😎😎

You know, it's just occurred to me...

How many times have we heard @realDonaldTrump say, "If I had a plan, you'd be the last to know it"?

What are the chances he comes out with something none of us saw coming?

#StopTheSteaI
#MAGA

Today Kelechi Okafor was due to appear on @BBCWomansHour with the formidable @Emmabarnett.
Now for ANYONE commenting on what happened you firstly need to listen to this.
Content warning. 1/15
Listen to Kelechi Okafor by The Jewish Chronicle on