Once we realize that imperfect understanding is the human condition there is no shame in being wrong, only in failing to correct our mistakes.
To others, being wrong is a source of shame; to me, recognizing my mistakes is a source of pride.
I'm not better than the next trader, just quicker at admitting my mistakes and moving on to the next opportunity.
I'm only rich because I know when I'm wrong...I basically have survived by recognizing my mistakes.
We in the United States are very often - since we are a democracy and we have national interests, we've often made the mistake that a democracy has to adopt America's interests, and that is a contradiction because a democracy basically is people deciding what their interests are.
America felt victorious and generous after World War II. They had also learned from the mistakes after World War I when they imposed punishment on Germany. What became of Germany? A Nazi dictatorship which threatened the world. Today's Germany doesn't feel as prosperous and generous as America then. But actually, Germany still is very prosperous.
I don't panic. The same thing applies to me as to everybody else, so I'm given to euphoria and despair. And I would say that I basically have survived by recognizing my mistakes.
My conceptual framework, which basically emphasizes the importance of misconceptions, makes me extremely critical of my own decisions. I know that I am bound to be wrong, and therefore am more likely to correct my own mistakes.
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