Reminiscences page 27
It takes a man a long time to learn all the lessons of all his mistakes.They say there are two sides to everything.But there is only one side to the stock market;and its not the bull side or the bear side,but the right side.
With me I must back my decisions with money. My losses have taught me that I must not begin to advance until I am sure I shall not have to retreat. But if I can not advance, I do not move at all. I do not mean by this that a man should not limit his losses when he is wrong, he should. But that should not breed indecision. All my life I have made mistakes,but in losing money I have gained experience and have accumulated a lot of valuable don'ts. I have been flat broke several times,but my loss has never been a total loss. Otherwise, I wouldn't be here now. I always knew I would have another chance and that I would not make the same mistake twice. I believed in myself.
