Actionable Takeaways
- Make a list of your top 25 priorities.
You might apply this to a specific project or timeframe, or consider your broader life goals.
- Circle your highest 5 priorities.
These are the things that must be accomplished and drive you.
- Focus on your top 5 and avoid the other 20 at all costs.
This isn’t just about what you do, it’s about how you say no to those tempting secondary priorities to achieve real focus.
- When you achieve 1 of your top 5, add a new goal from the 20.
This list is a work in progress, something on the ‘avoid at all cost’ list might become a priority as you achieve your top 5.
Explore More
Buffett's Two Lists is featured in these playbooks:
Limitations
While this dedicated focus is potentially powerful, by avoiding the 20 lesser priorities you might miss opportunities to find links or move them forward in the process of working on your ‘big 5’. It might also be too inflexible, and not allow for updating priorities or taking advantage of opportunities that might open up making your ‘20 list’ more possible or desirable.
In Practice
Buffett.
In some ways, this seems to link with the way Buffett and Munger apply the circle of competence. They seem to practice ruthless prioritisation. That said, it’s hard to track down specific examples of this model as it would involve what Buffett has not done.
Build your latticework
This model will help you to:
Buffettt’s two list model is a simple mental model that can be life changing if applied to life goals.
Use the following examples of connected and complementary models to weave Buffett’s two list model into your broader latticework of mental models. Alternatively, discover your own connections by exploring the category list above.
Connected models:
- The pareto principle: in identifying highest value options, or your ‘top 5’.
- Eisenhower matrix: in identifying high priority and high importance.
- Kano or RICE score: in applying prioritisation to product development.
Complementary models:
- Kanban: tracking priorities in a more dynamic, iterative approach.
- Golden circle and Ikigai: in establishing purpose.
Origins & Resources
As noted in the overview, this model comes from Scott Dinsmore’s post here. I’m aware that it’s essentially a third-hand story - from the pilot to Scott, to us. But it’s grown in popularity and Buffett hasn’t corrected it. Either way, it’s a useful model for prioritisation so worth the inclusion.
My Notes
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