The difficulty of admitting you were Wrong

Hi Friend,

The Primary reason for the resistance of people to change or correcting their own mistakes from 'The Zurich Axioms'. 

============================

• The third obstacle to the Third Axiom's implementation is the difficulty of admitting you were wrong. 

• People differ widely in the ways they react to this problem. Some find it only a minor nuisance. Some find it the biggest obstacle of all. 

• Let's leave it at this: It is a tall obstacle for many.

• If you feel it will get in your way, you should explore yourself and seek ways to handle it.

• You make an investment, it turns sour, you know you ought to get out. But in order to do that, you must admit you made a mistake. 

• You must admit it to your broker or banker or whomever you've been dealing with, maybe to your spouse and other family members -- and, usually worst of all, to yourself.

• You've got to stand there in front of a mirror, look yourself in the eye, and say, "I was wrong." For some, that is impossibly painful.

• The typical loser tries to avoid the pain and, as a result, repeatedly gets trapped in bad ventures. 

• If he buys something whose price begins to sag, he hangs on in the hope that future events will vindicate his judgment. "This price drop is just temporary," he tells himself and maybe even believes it. "I was right to get into this speculation. It would be foolish to sell out just because of some initial bad luck. I'll sit tight. Time will show how smart I am!" Thus does he protect his ego. 

• He has evaded the necessity of saying he was wrong. He can go on believing he is smart.

• His bankbook will record the truth, however (Obviously, stupid choices lead to bad investment results and the consequent poor or middle class lives that most people end up with ).

• Years from now, perhaps, that sagging investment will struggle back to the price at which he bought it or will even go higher, and then he will feel vindicated. "I was right all along!" he will exult. But was he? 

• During all those years while his money was stagnating, it could have been out working. He could have doubled it or better.

• Instead, he stands just about where he stood at the beginning of this dismal episode.

• Refusing to be wrong is the wrongest response of them all.

• Accept small losses cheerfully as a fact of life. Expect to experience several while awaiting a large gain.

Thank you.

Source: The Zurich Axioms