Buffett as a solution to the buffet problem

Maybe there's another way to think about not getting caught up in the buffet problem. Here's an episode of Charlie Rose with Warren Buffett and Bill Gates that made me think of this—video and pertinent transcript below. So, for a single attribute—call it structuredness (sorry)—you could end up hitting the information buffet too hard both by being overstructured and understructured.

Overstructured is planning what information needs to be collected, and then sticking to it dogmatically even when it turns out to be unnecessary, or the wrong path to follow, etc. This is me when I read a book—you'd think there were Serious Consequences to leaving a book unfinished the way I plow ahead through books that I really don't want to finish. Let's leave this thread alone.

Understructured is the opposite—going in without a plan. Although it sounds sloppier, I think it breaks down again into two paths: sloppy and exploratory. Sloppy is just straightahead unthinking consumption. One more link, one more article, one more dinner roll—if you can reach it, put it in your face.

Exploratory is different. I mean "exploratory" in the same manner as "experimenting"—and "experimenting" in the scientific way of thinking about the problem and what needs to be evaluated to understand the problem, not "experimenting" as in just throwing something out there and seeing what happens. The latter is the sloppy path. The former has purpose. That's what I took from the interview below. I don't think that Warren Buffett leaves himself big blocks of unstructured time and blows it by stumbling through links and citations and whatever else is available at the information buffet. (I might be giving him too much credit... but what's the worst that could happen by just assuming that someone is a genius because they're rich?) But to have free time and a hypothesis or two to test, and an idea or two how to prove the hypothesis false, and a good method or two to collect the data and reduce it to information... that would be even more powerful than assuming you know enough to plan all steps of the path forward because—surprise—you don't, and you'll miss all sorts of useful side paths because the plan called for Straight Ahead.

[15:40, Bill Gates] I also remember Warren showing me his calendar. You know, I had every minute packed and I thought that was the only way you could do things. And the fact that he is so careful about—he has days.

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[16:10, Charlie Rose] This is the week [sic] of April, of which there are only three entries for a week.

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[16:20, Charlie Rose] So it taught you what, not to crowd yourself too much and give yourself time to read and think and...

[16:24, Bill Gates] Right. You control your time. And that sitting and thinking may be a much higher priority than a normal CEO, where's there all these demands and you feel like you need to go and see all these people. It's not a proxy of your seriousness that you fill every minute in your schedule.

[16:48, Warren Buffett] And people will want your time. I mean, it's the only thing you can't buy. I mean, I can buy anything I want, basically, but I can't buy time.

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