Well said.
I've learned a lot as well. For one thing, I sat on my ass when Singer tanked and continued (continue) to hold it long after all rational evidence pointed to selling. I thought because it was in my IRA, time would validate a poor decision. Well, time will tell....a lot of time, probably.
Also, CPPKY was a poor choice for the reasons you articulated. In short, I got greedy. JD hyped it, but then again, so did Jim Rogers and a lot of other people. I rationalized that, yes, it was difficult to find out much on the stock, but that's probably why it is such a find. It's humbling to have admit that I often include modules on critical thinking in seminars I do for executives. In fact, my rationalization on CPPKY violated about five basic critical thinking principles that I can think of off the top of my head (apparently because not much was going on between the ears).
The bull market made a lot of us think we were smarter than we were. I can't speak for others, but the slap up side the head since July 17 should help clarify my vision in future decision making.
Ben Franklin is usually misquoted as having said, "Experience is the best teacher." Actually, Franklin said, "Experience is the best teacher, but fools will learn by no other."
Indeed.
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