Mr. Buffett is famous now and is widely quoted as he deserves to be. But my favorite comes from an answer to a question asked at one of the annual meetings for Berkshire Hathaway a decade or so ago. The shareholder asked Mr. Buffett's opinion on the outlook for Japan. Mr. Buffett responded by saying it was a good question, but he did not feel particularly qualified to answer. Then he continued (from my memory, not word for word) when I think about something I decide if it is important or not and is it knowable or not. If it isn't important or if it isn't knowable I don't spend time on it. Your Japan question is important, but for me it is not knowable so I don't think about it.
That remark stopped me cold as I realized how smart that is and how completely I failed in that regard. I still fail at it but I am improving.
Is it important, is it knowable? If it isn't both don't spend time on it.
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