Having a good knowledge of the basics of everything is very good, as it can be profitable to what soever you plan/wish to do. The basics will make you to fully understand the principles of what you about to venture in, the goods and bad, when it is favorable or not. After having the knowledge, then we can talk of the guts, cause even with guts and no knowledge, guts will take you nowhere. With the basic knowledge and guts attached to it, then profits will be certain so as losses too, cause its vice versa, either guts to take you in for remarkable profits or remarkable losses.