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… - Charlie Munger

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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.