Reminiscences page 104
The recognition of our own mistakes should not benefit us any more than the study of our successes.But there is a natural tendency in all men to avoid punishment.When you associate certain mistakes with a licking,you do not hanker for a second dose,and,of course,all stock market mistakes wound you in two tender spots, your pocket book and your vanity. But I will tell you something curious;A stock speculator sometimes makes mistakes and knows that he is making them.And after he makes them,he will ask himself why he made them;and after thinking it over cold bloodedly, a long time after the pain of punishment is over he may learn how he came to make them,and when,and at what particular point of his trade;but not why. And then he simply calls himself names and lets it go at that.
Of course if a man is both wise and lucky,he will not make the same mistake twice.But he will make any one of the ten thousand brothers or cousins of the original.The mistake family is so large that there is always one of them around when you want to see what you can do in the foolplay line.
Losing money is the least of my troubles.A loss never bothers me after I take it. I forget it overnight. But being wrong-not taking the loss-that is what does the damage to the pocketbook and the soul.
