Lessons in Investing #1: Charlie Munger & Tren Griffin

Why does Charlie Munger not invest in high-technology businesses?

1. Only invest when you have a substantial advantage considering all alternatives available to you; and 2. Stay within your circle of competence, since risk comes from not knowing what you are doing.
Why does Charlie Munger not invest in high-technology businesses?, Tren Griffin, 25iq

What this means to me

I'm really, really new to the angel investing space but I do have a few of what Charlie Munger calls substantial advantages. The angel world is not one of them, but I believe he's referencing industry or domain expertise, which is where I have some advantages. Relative to angel investing, I need to very quickly expand my circle of competence to include this area. It also means I need to expand my circles of competence, to whatever degree possible, to include anything in which I think we should invest. That approach somewhat misses his point but I think it's still a valuable lesson I can derive from his quote.