Increasing your circle of competence

[netnet]

What are the methods that are useful for increasing one's circle of competence?

 

I have come across the following:

 

1) Reading the trade mags of the industry

2) Sitting down and talking to intelligent participants in the industry (my favorite questions: what are the key success factors of industry leaders?  What are the key financial ratios in the industry? Who has the biggest moat and why?  Is the moat growing or shrinking over time?)

3) Getting a job in the industry (obviously impractical most of the time!)

4) Read the 10K's of competitors and suppliers and customers

5) Use a Michael Porter style analysis of the the industry

6) Read the bankruptcy filings of failures in the industry--this is a new one to me. I just heard about this one.  I have not done this myself.

 

Any others?

 

(Of course you have to keep building a Mungeresque Latticework of Mental Models upon which to lay this information.)

 

 

[vinod1]

Nice list.

 

One method I found useful, is by reading an Audit and Accounting guide for the industry if there is one.

 

Vinod