“The strength of my kids is that they are too young to remember anything bad, and they are making so much money they feel invincible.” The Great Winfield
Football coaches, perhaps more than most of us, hate losing more than they love winning. Certainly that's how their contracts are written. But one thing they teach their players is to let go of recent mistakes, to have "short memories." That's because there's a new play coming up in seconds and if a defensive back, for instance, is beating himself up over a blown coverage, he's prone to make another mistake in the next play.
excellent post and for me its a reminder of the power of recency bias where people tend to neglect the base rates of full market cycles and get hinged on recent experience.
A fun speculation on this: given his strategy and its shifts between The Money Game and Supermoney, The Great Winfield is probably Alfred Winslow Jones.
Thought provoking read. In Howard Marks latest memo “Bull Market Rhymes
“ he highlights the brevity of financial memory which you might enjoy reading if you haven’t already.
I absolutely loved this article. Thank you for the reminder that we will make mistakes but we gotta let them go.
Football coaches, perhaps more than most of us, hate losing more than they love winning. Certainly that's how their contracts are written. But one thing they teach their players is to let go of recent mistakes, to have "short memories." That's because there's a new play coming up in seconds and if a defensive back, for instance, is beating himself up over a blown coverage, he's prone to make another mistake in the next play.
excellent post and for me its a reminder of the power of recency bias where people tend to neglect the base rates of full market cycles and get hinged on recent experience.
A fun speculation on this: given his strategy and its shifts between The Money Game and Supermoney, The Great Winfield is probably Alfred Winslow Jones.
Ha! That Lynch anecdote is pretty good
My favourite chapter of that wonderful book