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This chapter explores the notion that excessive effort in investing may not always yield better results, using examples and evidence to support the idea. It also highlights the concept of being 'Harvard stupid,' where well-educated individuals make complex mistakes due to their intelligence and ego. Additionally, it shares a story about a young doctor who faces conflicting diagnoses from his professor but later realizes his initial diagnosis was correct.

A truth that applies to almost every field is that it’s possible to try too hard, and when doing so you can get worse results than those who knew less, cared less, and put in less effort than you did.

There are mistakes that only an expert can make. Errors – often catastrophic – that novices aren’t smart enough to make because they lack the information and experience needed to try to exploit an opportunity that doesn’t exist.