Mistakes and failures are opportunities for learning


You see this in the financial industry all the time. When people make a mistake – whether it be a loss or a missed opportunity, people get bitter and snarky. Zerohedge is Exhibit A for this kind of behavior.
For example, the permabear’s standard reaction to the 2009-2018 bull market is “I missed out on the bull market, so it’s a bubble, I don’t understand it, so everyone else is dumb, it’s manipulation, it’s the evil government, it’s the evil Fed, this is batshit crazy, etc”
If you want to be successful in investing and in life, stop blaming your mistakes on other people. Take responsibility for your own mistakes and actions, and see what you can learn from your own mistakes so that you can minimize the damage of these mistakes repeating in the future again.
For example, they call the 2009-2018 “the most hated bull market”, because so many professionals and investors missed out (because they thought the world would end after 2009). In reality, they “hate it” because they’re sour grapes. Don’t be a sour grape. When you make a mistake, admit it, and see what you can do to learn and improve for the future.

Don’t complain

For some reason, complaining is so common in finance. When people lose money or miss out on opportunities, they say “it’s manipulation” or “it’s the evil Fed”. The stock market isn’t going up because of “the evil Fed”. These people are just too arrogant and stubborn to LEARN why the stock market is going up
Always see the silver lining in everything. For example, some people say “QE is evil, it’s blah blah blah”. Instead, they should have taken advantage of QE. Ray Dalio did the historical analysis, and he knew that QE would be good for assets. Anyone who bothered to learn this would have bought stocks and real estate after 2008, instead of complaining “QE is batshit crazy, the evil Fed” and all this other nonsense.
Here are 2 quotes from Ray Dalio’s book Principles:

Pain + reflection = progress. No pain, no gain. If you never fail or have losses, you’re not pushing your limits, and if you’re not pushing your limits, you’re not maximizing your potential.
People try to prove that they have the answer to everything even when they don’t. Why do they have in this unproductive way? It’s generally because they believe the senseless but common view that great people have all the answers.

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