Learn how to take losses quickly and cleanly. Don’t expect to be right all the time. If you have made a mistake, cut your losses as quickly as possible.
February 15, 2011
It was extremely difficult, but I had played seven holes without asking my partner the question I was “dying” to know; how many shares of Equity Funding did he own in his mutual fund? He seemed very relaxed ... even cheerful. Yet, I felt his mutual fund had to own a ton of the stock. For me, in not asking, it was like driving by a car crash...