Benjamin Frankin did not start out rich but worked his way up. He is a brilliant statesman, inventor and writer. He wrote 13 values guiding his life, one of them is humility.
Virtue 13. Humility: Imitate Christ and Socrates.
To navigate successfully in financial markets, this is one of very important values I am trying to master. Many people life dashed by greed and fear which are very true, may I also add "over-confidence". Never let successes get into my head.
Those with leadership position needs to realize that if they are dead wrong, they are not only destroying their own life but followers as well. I am talking about religious fans of iCapital. Recent declaration by NBER that the US was in recession since December 2007 proven them wrong. They admitted that they are wrong saying that the US was not in recessions. Those reliant on their objective advice could have lost money. The punishment on them could be harsh - subscriber base and iCapital share price can be depressed.
Admitting they are wrong, repent, learning from mistake and move on should be the way to go. Let's monitor whether they are still wasting our precious time defending themselves - if they are, be very careful of them. Like Buffett quoting this when he supported the bailout:
"Every saint has a past, every sinner has a future."
If they did repent and be more careful, depressed share price will be a profitable investment. After all, I am a Capitalist - take emotion out of the equation, buy and sell profitable proposition.
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