To err is human. Successful investors, being humans, can make mistakes too. However, it is the humbleness of these investors that make them successful, and George Soros put it best,

“I’m only rich because I know when I’m wrong…I basically have survived by recognizing my mistakes.”

Imagine you are an experienced driver and have been driving for 10 years. And you may have either of these two thinking patterns:

1. You accept that you can get killed on the road.
2. You believe the odds of getting killed on the road is minimal and it won’t happen to you.

Which mindset will translate to a safe driving behaviour? Definitely no. 1 has a higher probability to bring you safely from one place to another because you tend to pay more attention to avoid road risks. Let’s apply these two types of mindsets to investing

1. You accept that you can be wrong with your analysis and lose ...

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