Key Takeaways Warren Buffett has said, "It's better to be approximately right than precisely wrong." That’s “approximately right” thinking put into action: look for situations where you don’t need to have the next few years mapped out just to break even. How To Be 'Approximately Right' in Your PortfolioYou don’t have to be Buffett to apply his “approximately right” approach. Keep your thesis simple : If your reason for owning a stock requires a multi-tab Excel model to justify, it might be fragile. : If your reason for owning a stock requires a multi-tab Excel model to justify, it might be fragile.