It is remarkable how much long-term advantage people like us have gotten by trying to be not stupid instead of trying to be very intelligent. - Charlie Munger

A lot of people with high IQs are terrible investors because they’ve got terrible temperaments. And that is why we say that having a certain kind of temperament is more important than brains. You need to keep raw irrational emotion under control. You need patience and discipline and an ability to take losses and adversity without going crazy. You need an ability to not be driven crazy by extreme success.

Quickly eliminate the big universe of what not to do; follow up with a fluent, multidisciplinary attack on what remains; then act decisively when, and only when, the right circumstances appear.

I'm not entitled to have an opinion on this subject unless I can state the arguments against my position better than the people do who are supporting it.