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“First of all, knowing the business, and knowing what you know and what you don’t know. Second is working at a circle of competence and understanding it. And third is knowing what makes the business work.”
Errors that Blumkin thinks that lead to business failure are: “Becoming too big too fast, losing focus on what you do best, divesting from your core competency, and being overleveraged.”
“Sell cheap and tell the truth.”
“Charlie says as you get older you tolerate more and more in your old friends and less and less in your new friends.” – Warren Buffett
Warren Buffett scolded investment bankers for providing whatever advice would bring them the most income: “Don’t ask you barber whether you need a haircut,” he wrote in Berkshire’s 1982 annual report.
“The game of investing is one of making better predictions about the future than other people. How are you going to do that? One way is to limit your tries to areas of competence. If you try to predict the future of everything, you attempt too much. You’re going to fail through lack of specialization.”
“We’re willing to forego short-term results for long-term gains.”
“First of all, knowing the business, and knowing what you know and what you don’t know. Second is working at a circle of competence and understanding it. And third is knowing what makes the business work.”
