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“The inside of the circle covers areas where you have knowledge or experience—where you are competent—and in those areas, you can think effectively. In areas outside the circle, you cannot. The most dangerous zone is just outside your circle of competence, where you might think you are competent but you really are not.”

“The essence of thinking gray is this: don’t form an opinion about an important matter until you’ve heard all the relevant facts and arguments, or until circumstances force you to form an opinion without recourse to all the facts (which happens occasionally, but much less frequently than one might imagine).” — Steven Sample

“Consequences, good or bad, that affect an entity without its consent, imposed from an external source … Addressing negative externalities is often referred to as internalizing them. Internalizing is an attempt to require the entity that causes the negative externality to pay for it.”