Price observes that while many investors may be intelligent, good judgment is crucial and is often developed through experience with market fluctuations. He emphasizes that intelligence alone, without proper judgment and temperament, isn’t enough to make someone a successful investor.

Price also warns that excessive intelligence can be problematic, as it might lead investors to overestimate their ability to predict unpredictable events, potentially leading to greater challenges.

(Disclaimer: This article is based on various interviews of Michael Price.)