If we can't find things within our circle of competence, we don't expand the circle. We wait.

If he can't find an investment that's selling at an attractive price, he'll wait and wait and wait. In the late 1960s he wrote to his investing partners that he couldn't find any investments that he understood at attractive prices.

He waited until 1973 when the stock market collapsed and some of the best companies were selling at bargain prices. Pick the wrong company at the right price and you lose. Pick the right company at the wrong price and you lose. You have to pick the right company at the right price and to do that you have to wait and wait--patiently.