Warren Buffett is one of the most revered business investors in the world. Although his success seems to be the result of great strategy and solid decision-making, Buffett shares a simplified perspective of his approach – and it’s rooted in candor.
In an interview with Forbes, Buffett says:
It never bothered me if other people disagreed with what I thought as long as I felt I knew the facts.
From the start, Buffett looks for the truth. He works to uncover the important, relevant facts and arms himself with that knowledge so he can make well-informed decisions.
Buffett is not swayed by the opinions of others. He remains dedicated to what he knows to be true even in the face of adversity and challenge.
I just don’t have a problem if somebody says “you’re wrong” on something, I just go back and look at the facts.
Buffett stays within what he calls his “circle of competence,” a focused field of expertise where he is well-informed and has a clear understanding of what is at stake. This is a lesson for many of us. In this day when it is easy to “Google it” or watch a YouTube to learn how to do anything, we should resist our belief that we become “experts” after a two-minute immersion.
Buffett’s steadfastness to working within a place of clear knowledge and basing decisions on facts allows him to benefit from what he calls “emotional stability” – a confident, steady resolve in making critical decisions. He is not unsettled by those who challenge him, and does not waver or second-guess himself just because someone disagrees.
Yes, he typically makes brilliant decisions with the clarity and confidence that comes from having a true understanding of and commitment to the facts. What a remarkable concept.