The person that can apply these values achieves wisdom. In contrast, the fool is the antithesis of one who values these things. This comparison is made repeatedly, reinforcing the value of wisdom. Obtain knowledge and understanding More than all others, the point that Solomon tries to drive home is that wisdom comes from knowledge and understanding. Knowledge is the acquisition of a set of facts.
Understanding is the ability to apply and build on facts.
One without the other has little value. He also makes the point that we obtain knowledge from listening. Over and over Solomon stresses that hearing instruction leads to wisdom. He further advises receiving constructive criticism willingly. These two pieces of advice are easily given but hard to follow.