Learn how to take losses quickly and cleanly. Don’t expect to be right all the time. If you have made a mistake, cut your losses as quickly as possible.
June 06, 2023
It was easily 30 years ago … probably longer. I was sitting in a client’s house in Exeter, New Hampshire. My client was a man in his late sixties who had been an M.I.T. graduate. As such, he had an elevated level of self-confidence. I handed him a sheet of his holdings which showed profit and losses. It had been a difficult...