Skip to main content
Message Font: Serif | Sans-Serif
 
No. of Recommendations: 3


Many men cannot afford to take monetary losses in the market. Not because of the money itself so much as because of their over-sensitive, poorly trained "selves." The humiliation would be unbearable. It would hurt too much. The only way that occurs to such men to prevent such painful situations is to strive to be "always right" or nearly always right. If by study and extreme care they could avoid "making mistakes," they would not be exposed to the hard necessity of having to take humiliating losses over and over again.

And so? And so, too often, rather than settle for a relatively minor loss, our friend will stand firmly on the deck of his first judgment, and will go down with the ship. The history of Wall Street (and of LaSalle Street, too) is studded with the stories of men who refused to be wrong; and who ended up ruined, with only the tattered shreds of their false pride left to them for consolation.

--John Magee, The General Semantics of Wall Street.


Thanks to SkruySkweril.
http://boards.fool.com/Message.asp?mid=17715765

JR
Print the post  

Announcements

What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.