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.
If you are careful,' Garp wrote, 'if you use good ingredients, and you don't take any shortcuts, then you can usually cook something very good. Sometimes it is the only worthwhile product you can salvage from a day; what you make to eat. With writing, I find, you can have all the right ingredients, give plenty of time and care, and still get nothing. Also true of love. Cooking, therefore, can keep a person who tries hard sane.
Now in reality, the world has paid too great a compliment to critics, and has imagined them to be men of much greater profundity than they really are.
One of the most difficult things to learn is to render service without bossing, without making a fuss about it, and without any consciousness of high and low. In the world of spirituality, humility counts at least as much as utility.
You're neither right nor wrong because other people agree with you. You're right because your facts are right and your reasoning is right - that's the only thing that makes you right. And if your facts and reasoning are right, you don't have to worry about anybody else.
As a trial lawyer in front of a jury and an author of true-crime books, credibility has always meant everything to me. My only master and my only mistress are the facts and objectivity. I have no others.
Come on, say it again. I'm a perfect devil. Tell me how bad I am. It makes me feel so good!
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