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“The art of investment has one characteristic that is not generally appreciated. A creditable, if unspectacular, result can be achieved by the lay investor with a minimum of effort and capability; but to improve this easily attainable standard requires much application and more than a trace of wisdom. If you merely try to bring just a little extra knowledge and cleverness to bear upon your investment program, instead of realizing a little better than normal results, you may well find that you have done worse.”

“Reasonably accurate appraisal of one's own capabilities is, therefore, of considerable value in successful functioning. Large misjudgments of personal efficacy in either direction have consequences. People who grossly overestimate their capabilities undertake activities that are clearly beyond their reach. As a result, they get themselves into considerable difficulties, undermine their credibility, and suffer needless failures. Some of the missteps, of course, can produce serious, irreparable harm”