Dr. Mike: And in your case sir, double triple tough.
Because your mistakes - if any - are in the open for everybody to see. Tough, tough pressure to be under - and to be under even more by self or somebody else by having to produce winners.
Don't you screw up!! Not even once. Else your error reflects on the method and on you personally, Dr. and journalist Mike who is expected to know everything and be right always Burry.
Actually, I hope I'm not quite judgmental like that. After all, I told Honest Abe - and I believe - it's a statistical game (most times) . I'm not one for Buffett here at all. Only Buffett never seems to have losers. Everybody else not only has losers but makes mistakes all the time and I mean ALL the time (well maybe James Clarke and some rare few others might be excepted) - fail to sell, sell to soon, sell too late, buy too soon, never bought, bought too much, bought not enough. And repeat these same mistakes over and over again in spite of best intentions. Therefore, it's not a matter of avoiding mistakes (Buffett losses), it's a matter of learning to live with mistakes that will inevitably be made. And in this light, for some people, it would be especially helpful for their performance if they could give themselves permission to own a stock that turns bad. |
