Short excerpt from a YouTube video (uploaded by David Jenyns) featuring Warren Buffett speaking about investing. Buffett emphasizes knowing the perimeter of your knowledge—stay within areas you understand—and avoiding getting swept into investments you don’t comprehend.
The most important aspect of investing, it's not how large your circle is. You don't have to be an expert on everything. But knowing where the perimeter of that circle, of what you know and what you don't know is, and staying inside of it is all important. And if I don't understand something, but I get all excited about it because my neighbors are talking about stocks are going up and everything, they start fooling around someplace else, eventually I'll get green, and I should.
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