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Big Mistakes
book

Big Mistakes

by Michael Batnick
June 2018
Beginner content levelBeginner
192 pages
4h 4m
English
Bloomberg Press
Content preview from Big Mistakes

CHAPTER 3Mark TwainDon't Get Attached

If you get into anybody far enough, you've got yourself a partner.

—Mark Twain

When dollars are transferred from our pocket to an investment, the expectation is that they'll be worth more in the future. But when the results disappoint, we're loath to admit we were wrong. Our natural tendency is to hold onto the losers longer than we should, because in doing so, we are deferring defeat and keeping our ego intact.

The problem with small losses is that it's easy to hold onto them as they morph into big losses. In the world of finance, nothing springs eternal like hope. We'll watch with indifference as a 5% loss becomes a 10% loss, with fear as it cascades to a 20% loss, and with utter terror as it falls ...

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Publisher Resources

ISBN: 9781119366553Purchase book