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According to the author, studies can be perfected through experience. The author states that studies themselves need to be bounded in by experience in order to give forth directions that are not too vague. This means that while studying is important, it is through the practical application of knowledge and learning from real-life experiences that one can truly perfect their studies.
Reflection (option 1) may be a part of the learning process, but it is not specifically mentioned as a way to perfect studies in the passage. Conversation (option 3) may contribute to learning and understanding, but it is not mentioned as a method to perfect studies. Application (option 2) is closely related to experience, as it implies putting knowledge into practice, but it is not explicitly mentioned by the author.
Therefore, the correct answer is option 4: By experience. The author suggests that studies are perfected by combining knowledge gained through studying with practical experience.