So in the game of life, get the needed models into your head and think it through forward and backward. What works in bridge will work in life. - Charlie Munger

Stay within a well-defined circle of competence.

What I would say is the single most important thing, if you want to avoid all the stupid errors, is knowing where you're competent and where you aren't. And that's very hard to do because the human mind naturally tries to make you think you're way smarter than you are.

And the models have to come from multiple disciplines — because all the wisdom of the world is not to be found in one little academic department. That’s why poetry professors, by and large, are so unwise in a worldly sense. They don’t have enough models in their heads. So you’ve got to have models across a fair array of disciplines.