RE: There Are no Wise Old Men!

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Aaaaah! What a topic! Where to start, where to finish? How much or little shall I write? I am old. I feel older than I really am. I say that to every person I meet. I also have quite a bit of background in trading and finances. So there will be people who will call me 'wise'. And they will be wrong!!

Because as Dumbledore said, “I make mistakes like the next man. In fact, being--forgive me--rather cleverer than most men, my mistakes tend to be correspondingly huger.”

There is lot to think on that statement. It was proven multiple times that Dumbledore's mistakes were big. It was big when he was young, it was big when he was older and wiser. So age and wisdom do not protect anyone from mistake.

In Financial market, I still make absolute rookie mistakes, mostly on impulse, as I am an impulsive person. People have tried to change it, they can claim perhaps they succeeded a bit. But that's about it. I am still impulsive. I buy radom tokens are ATH and then watch them drop, just like you do. I have seen Buffet short USD against Euro and lost billions of dollars on the trade. I have seen legendary mutual fund manager Bill Nygren buy into Washington Mutual (WM) and ride it to bankruptcy! I used to own his mutual fund Oakmark Select during the time. He even tried to defend himself for a few quarters!

"But Nygren's largest blunder by far was his heavy investment in Washington Mutual (WM), the country's largest thrift. At one point, WaMu represented a towering 15% position in Select's portfolio. The Seattle-based bank has written off $20 billion of losses on home mortgages and dramatically diluted shareholder value by raising new capital. The stock price has plunged nearly 90% in a year."

https://www.kiplinger.com/article/investing/t041-c009-s001-where-oakmark-s-bill-nygren-went-wrong.html

I can go on and on. I can write a book on the topic proving the point. But that is not the point. The point is as a youngster, as the smart and young scientist and professional, I request you to be confident that you are smarter than someone much older than you at your profession. At least, they shouldn't get any advantage or upper hand just because of their age. They shouldn't be discriminated for their age either, but you shouldn't be discriminated for being young. We are all on a level playing field which is called life! Believe it or not, it is surprisingly fair! Cheers, Doc!



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Dada, acting on impulses is something I need to act on as well! Puts me in quite the narrow spot at times and I'm left chasing to cover my back!

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But it does kinda come as a relief that I'm not the only one :D

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The psychology of this last image is too strong isn't it dada! :))

We are all on a level playing field which is called life! Believe it or not, it is surprisingly fair!

These words I'll try to hammer them in my head! Often times we tend to fall into the trap of playing the victim card when in fact that does not necessarily have to be the case. It is very important that we do not lose sight of the bigger picture and what we can achieve.

We will make mistakes in life, and we must not let those mistakes hold us back.

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