Rather than engage in the sort of selective retention that so many investors tend to do and pretend mistakes never happened, I prefer to 'own' them. This allows me to learn from them and, with any luck, avoid making the same errors again.
Interpretation
Acknowledging and owning one's mistakes fosters learning and growth.
This quote emphasizes the importance of accepting and learning from our mistakes instead of ignoring them. By taking responsibility for errors, individuals can improve their decision-making processes and minimize the likelihood of repeating the same mistakes in the future. Embracing failures as learning opportunities is crucial for personal and professional development.
In practice
In a motivational speech about personal development, one could say, 'It's essential to own your mistakes to truly learn and grow.'
It is important for investors to understand what they do and don't know. Learn to recognize that you cannot possibly know what is going to happen in the future, and any investment plan that is dependent on accurately forecasting where markets will be next year is doomed to failure.
Whenever you hear a discussion about the short-term swings in any given stock's price, your immediate thought should be whether it matters to why you are investing.
The mistake that is made always runs the other way. Because the plain people are able to speak and understand, and even, in many cases, to read and write, it is assumed that they have ideas in their heads, and an appetite for more. This assumption is a folly.
As you recognize that you already own the wholeness you seek, and no one outside you can give you more than you already are, dysfunctional situations will evaporate like bad dreams exposed to the morning sun.
Devote the mind to confusion and we know only too well, if we´re honest, that it will become a dark master of confusion, adept in its addictions, subtle and perversely supple in its slaveries. Devote it in meditation to the task of freeing itself from illusion, and we will find that, with time, patience, discipline, and the right training, our mind will begin to unknot itself and know its essential bliss and clarity.
All great deeds and all great thoughts have a ridiculous beginning.
Knowing is not enough; we must apply. Willing is not enough; we must do.
Most people, if they were generous, were so because they thought life was short and that one must make the most of it. Sid Baxter was generous because he knew that life was long. It went on and on even when you had no use for it anymore. It was happiness, not life, that was short, and when it visited - in the form of a fine evening spent talking with a friend - he honoured it.
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