Many leaders have wondered, “Should I do this? What would happen if my company….?” The problem is who do they trust with their questions?
Google? Facebook? Family members? The local butcher? How do we determine trustworthy sources? Who has the expertise to provide credible answers?
A recent Inc. article shared how Warren Buffett’s partner, Charlie Munger knows how to differentiate between people who don’t know what they’re talking about and the true expert.
Knowledgeable people work in the trenches
According to Munger, knowledge is held by people who “have the aptitude” because they’ve paid their dues by working in the field. Think Dr. Anthony Fauci. Dr. Fauci has expert knowledge. Your friend’s friend on Facebook, probably not so much.
Knowledgeable people know what they don’t know
A friend of mine was telling me about a “great investment opportunity” in a certain stock. When I asked how long he’d been following that stock, he breezily replied a week or two.
Compare that to a question put to Charlie Munger in a recent Wall Street Journal interview; he was asked to offer a prediction for what the stock market would do next. “I don’t have the faintest idea,” Munger said.
True experts know the limits of what they know and don’t know. When asked a question outside their area of expertise they keep quiet or simply say, “I don’t know.”
Not all views should carry equal weight. There are a lot of unknowledgeable people spewing uneducated opinions today. Be cautious of accepting opinions as fact. Check the source of the information you are considering.
If you want to know what “in the trenches” business owners are doing to capture opportunities and avoid potholes in today’s crisis, call me. Members of Raven Roundtables are a treasure trove of tried and true, been there, done that expertise.
The road is easier together,
