Peter Drucker: Managing Oneself in the Knowledge Economy
This paper is a must read for all value investors. I will tell you why, because Warren Buffett characterizes the ideal knowledge worker. As a young investor Buffett showed an ability to understand his strengths, values, and when he best performed. This explains why he’s in Omaha vs NYC and why he sticks within his circle of competence. It also explains why Buffett only does business with people he likes. Read this, you will become a better investor I promise!
P.S. If you want to be a successful value investor work on the following: identify your strengths or edge (as Seth Klarman would say), understand how you learn so you can apply it to learning about companies, and then understand when and where you perform the best.
Tag Line (Via HBS):
“Success in the knowledge economy comes to those who know themselves, their strengths, their vaues, and how they best perform.
Introduction (Via Peter Drucker @ HBS)
We Live in an age of unprecedented opportunity: If you’ve got ambition and smarts you can rise to the top of your chosen profession, regardless of where you started out.
But with opportunity comes responsibility. Companies today aren’t’ managing their employees’ careers; knowledge workers must effectively be their own chief executive officers. It’s up to you to carve out your place, to know when to change course, and to keep yourself engaged and productive during a work life that may span some 50 years. To do those things well, you’ll need to cultivate a deep understanding of yourself not only what your strengths and weaknesses are but also how you learn, how you work with others, what your values are, and where you can make the greatest contribution. Because only when you operate from strengths can you achieve true excellence.