Years ago i worked with a guy who had gone completely belly-up twice, both times from a point of doing quite well, lots of machinery and work, new pickups every year, big houses, etc .... it's a cyclical business and this happens to many ... so we're talking about it one day when i'm thinking of taking a highly leveraged punt, and he says only the first time going broke was hard, when he'd worry and feel failed and anxious .... second time was not a big deal at all, though he'd lost more net worth, partly because he knew more of the court tricks and stuff, but more because he didn't take it to heart, just dealt with it and moved on .... this was true, i know because i met him during that second time .... so it goes to show that we're able to learn, the ones of us that survive anyway
... i did take that punt, did well on it, on a couple of others too, then one day in 1980 a sale fell through just as interest rates went to the moon, within weeks my liabilities exceed assets by a healthy margin, it's tough times for years .... and all through i remembered what he said, only the first time is hard |
