Beginnings / Entrenchment
Naiveté / Competency
Flexibility / Arrogance
Misadventures / Prudence
The Unexpected / Convention
Folly is a card of unique wisdom and appreciable danger. Beginnings, innocence, spontaneity, the unexpected, and the freedom to not follow the rules are characteristic of this major, and likewise so are daftness and imprudence. Folly is the way of fools, profane and holy, and for that reason humor is also understood to be characteristic of the wisdom of Folly.
Folly is the Two Worlds Tarot counterpart to The Fool, Major Arcana number 0 in the Waite-Smith tarot and in many universal tarot decks. This card's meaning differs moderately from the universal meanings widely used for The Fool. Universal meanings for The Fool can be substituted or used to alter this card's meaning if the reader desires.
Folly Reversed, while it certainly doesn't indicate lack of proficiency, may indicate the need to loosen up, to see things through the eyes of a fool or a novice, or possibly to put a humorous spin on things. When a venture ceases to be a source of joy or fun, it could be time to find a way to turn work into play, or to take more exciting risks if possible.
It could also mean that one needs to forget about limitations, and focusing on what can be done; what is possible. While we're not limitless, we certainly have a great deal of freedom to affect the world. When the focus is on limitations, rules, and rigidity, one can fall out of the habit of questioning authority, and authority does need to be questioned from time to time.