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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.

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