The Munger Miss on Incentives

Know your circle of expertise and stick to it. More than a few remarkably successful financiers and business titans have espoused such wisdom over the years. Legends like John Malone have built empires sticking to this discipline. It can also come at a cost. Mr. Malone famously noted he passed on an early Microsoft investment. Speaking of tech, it took arguably the most famous of financiers, Warren Buffet, decades to allocate to the vertical, and it can be argued his lieutenants led that charge more so than he.