LOL, like the quote from Rumsfeld:
"...there are known knowns; there are things we know we know. We also know there are known unknowns; that is to say we know there are some things we do not know. But there are also unknown unknowns—the ones we don't know we don't know..." - Donald Rumsfeld
OR the quote from Sagan:
"“Absence of Evidence is not Evidence of Absence”" - Carl Sagan
https://hbr.org/2012/05/discover-what-you-need-to-know
https://www.amazon.com/Think-Again-Power-Knowing-What/dp/1984878107
https://en.wikipedia.org/wiki/I_know_that_I_know_nothing
This is also explained by the concept that few people have heard of, called the Dunning-Kruger effect:
The Dunning-Kruger Effect is a cognitive bias where people tend to assess their intelligence or abilities as greater than they are. https://en.wikipedia.org/wiki/Dunning–Kruger_effect
Yeah, understanding how to be a defensive driver, not being in a rush, and not drinking/smoking/cellphone while driving you will as best as you can be prepared.
Living your life at least fifteen minutes ahead of schedule is a great way to be at peace all the time.
I had an old boss who used to say, "Five minutes early is ten minutes late." what a great way to frame things.
Your work ethic says a lot about you as a person, accountability goes a long way.
Buffett and Munger/Li Lu/Howard Marks/Mohnish Pabrai etc., all great fund managers, they all understand the same thing: That to be successful at buying and assessing individual stocks, you have to have independent analysis.
People like me who are NDT have a unique advantage because our inherent brain synapses and neural network is wired in a way that is most likely unique to them, in comparison to neuro-typical people, who have predictable pathways and thoughts.
Understanding the "wisdom of the crowds" is one of the most important keys to finding opportunities within investments.
But be forewarned, for to be forewarned is to be forearmed.
That you have to be able to understand when the masses are right, or just trend following, as well as when they are wrong. Then you must break from the herd.
This is where "Mr. Market" comes into play which is the basis of the teachings of Benjamin Graham.
And within this thought process which was elucidated from another perspective, as explained by Jesse Livermore; the behavior of the underlying prices, and how they can diverge from the expected conclusion.
This is evinced within the popular phrase attributed to John Maynard Keynes – “Markets can remain irrational longer than you can remain solvent”.
You have to have rules for investing, an understanding of what you are buying, why you want to make the purchase, when you would sell. You must have a plan. If you fail to plan, you plan to fail.
