If you have competence, you pretty much know its boundaries already. To ask the question (of whether you are past the boundary) is to answer it.

In my whole life, I have known no wise people who didn't read all the time - none ... ZERO.

Over the very long term, history shows that the chances of any business surviving in a manner agreeable to a company's owners are slim at best.

So, economics should emulate physics' basic ethos, but its search for precision in physics-like formulas is almost always wrong in economics.

One metric catches people. We prefer businesses that drown in cash. An example of a different business is construction equipment. You work hard all year and there is your profit sitting in the yard. We avoid businesses like that. We prefer those that can write us a check at the end of the year.

Move only when you have an advantage. It's very basic. You have to understand the odds and have the discipline to bet only when the odds are in your favor.

Of course you want to drive that out of yourself because you want to be wise, not foolish. You also have to allow for the self-serving bias of everybody else because most people are not going to remove it all that successfully, the human condition being what it is. If you don't allow for self-serving bias in your conduct, again you're a fool.