What is WIsdom and Understanding?
The ideal value system has a decidedly empirical emphasis in its grasp of W & U because this virtue must be practical; it has to work well in the real world to count as wisdom.
To grasp what we might mean by this hendiad [value], we will begin to specify its eight parts this way [Here, the “*” means to indicate the connctive “and”] :
1. Patience * Self-control
Time remains the important element here. Patience is extremely important because it takes a longish time to develop excellent character, and to grow one’s wealth. Patience enables one to take the long-term view, to create a 1-year, 5-year, 20 year * 50 year (or even 100 year) schedule to live out his/ her life wisely, and to follow the schedule.
Self-control aims to manage one’s self internally and externally to maximize behaviors consistently with profitability and the creation of value over time, & to make these as useful for promoting the success of others as one might. My favorite Chinese addage is this: He who rules his spirit, rules the world.
2. Discretion * Discernment
Discretion identifies the limits (legal and ethical boundaries) of excellent speech and behavior, carefully managing to stay well within them, while navigating one’s course to success, throughout her lifetime.
Discernment studies to place within their correct categories the various ideas & objects, processes and phenomena, one encounters. It manages them with skill the way a taxonomist does the animals he works to classify accurately. Which members belong with which sets? Discernment answer this question aright every time.
3. Education [Includes sciences and free market studies] * Training [To Develop profitable skills and skill sets]
Not just any education will do. The point of real education skips the bare memorization of scads of obscure factoids, say, to impress people at cocktail parties.
One’s education should aim at studying those elements of human achievement and cultural development that most closely fit the ideal value system — the wise, the innovative, the profitable, the ideal, the humanitarian, the way systems actually work (science and technology), and how to improve them, business ethics, etc.
4. Strategy * Tactics
5. Insight * Innovation
6. Ideal Studies * Ideal Principles
7. Studies in Intelligence and Learning [efficiency]: LE is called “Heuristics”
8. The Study of Systems * Optimal operations/ functionality
If any important change takes place in my view on this topic, I will post it here. The reader can also expect elaborations on these subtopics  to appear here.