You don't have to pee on an electric fence to learn not to do it - Charlie Munger

However, averaged out, betting on the quality of a business is better than betting on the quality of management. In other words, if you have to choose one, bet on the business momentum, not the brilliance of the manager. But very rarely, you find a manager who’s so good that you’re wise to follow him into what looks like a mediocre business.

We all know of individuals, modern Ben Franklins, who have 1) achieved a massive multidisciplinary synthesis with less time in formal education than is now available to our numerous brilliant young, and 2) thus become better performers in their own disciplines, not worse, despite diversion of learning time to matter outside the normal coverage of their own disciplines.

It’s not possible for investors to consistently outperform the market. Therefore you’re best served investing in a diversified portfolio of low-cost index funds [or exchange-traded funds].