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Old 26-03-2009, 09:40 PM
Jimmy Lim--
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Default 4390

Admitting to mistakes helps a lot in whatever you do, like Warren Buffet recognizes his own fooliness in buying oil related companies stocks during the highs of oil prices.

The next time if he intend to buy stocks of oil related companies for long term investment, it will not be during some middle east conflicts or simply high oil prices.

It will be be a tragedy and dire consequences if elite scholars because of getting straight As all the way, did not "make mistakes", does not admit their own mistakes.

Life is not like exams where all there is to do is reproduce what is deemed as "correct" for that subject exams during exams.

A lot of times, there is no correct or optimal answers clear cut in real world situations.

Like if they can simply learn the fact that there is 1 major financial crisis every 10 years. Simply postponing purchases of stocks when approaching that once in a 10 years helps reduces loss and gain significantly.
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