Know the Edge of Competence

Recognizing your limitations is a strength. Without process, there is no reliable feedback loop. Structured execution and review improve decision quality over time. Run a decision loop of research, thesis, execution, and post-mortem; document assumptions and update playbooks with evidence, not hindsight bias. Charlie Munger advocates a repeatable process: define criteria, execute consistently, and review decisions against evidence. Process quality drives outcome consistency. Key insight: Awareness of ignorance prevents costly mistakes. A process is like a pilot checklist: discipline prevents simple mistakes when pressure rises and keeps outcomes more repeatable.

Avoid misuse: Having opinions without execution criteria