Masters' Playbook

2026-07-02

Warren Buffett's circle of competence: the beginner's edge is saying no

A beginner-friendly lesson on Warren Buffett's circle of competence: why saying no to businesses you do not understand may be an edge, how Buffett applied the idea in the American Express salad-oil scandal, and three habits to use before buying any stock.

Masters' Playbook

Philip Fisher's scuttlebutt method: research the business before the stock

Howard Marks's risk lesson: survive the cycle before chasing the upside

Ray Dalio's All Weather lesson: balance risk before you chase returns

John Bogle's index lesson: own the market, not the story

Peter Lynch's 'invest in what you know': start with curiosity, not a stock tip

Benjamin Graham's margin of safety: leave room to be wrong

Charlie Munger's inversion: win by avoiding the obvious ways to lose

Warren Buffett's circle of competence: the beginner's edge is saying no