Charlie Munger on the balance between competency and gumption

You have to strike the right balance between competency or knowledge on the one hand and gumption on the other. Too much competency and no gumption is no good.  And if you don't know your circle of competence, then too much gumption will get you killed.  But the more you know the limits to your knowledge, the more valuable gumption is.

~ Charlie Munger

(As quoted by Jason Zweig, "A Fireside Chat With Charlie Munger," The Wall Street Journal, September 12, 2014