A Quote by Jeremy Grantham
As a professional, you can afford to pick some stocks and be wrong about a few of them. To keep your job, you cannot take the risk of being seen to be wrong about the 'big picture' for very long.
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Investors... can't pick stocks that are better than average. Stocks are a good thing to own over time. There's only two things you can do wrong: You can buy the wrong ones, and you can buy or sell them at the wrong time. And the truth is you never need to sell them.
It's not wrong to be upset. It's not wrong to cry. It's not wrong to want attention. It's not even wrong to scream or throw a fit. What is wrong is to keep it all inside. What is wrong is to blame and punish yourself for simply being human. What is wrong is to never be heard and to be alone in your pain. Share it. Let it out.
I can be absolutely comfortable with an apocalyptic Jesus because he was simply wrong. As long as he's wrong I don't worry about him, and basically everyone else who was announcing in the year 2000 at midnight, the end of the world is coming, I expect them to be wrong. Now if they're right of course, I'll be very uncomfortable that night. But as long as everyone for 2000 years has been wrong about the apocalypse, I can be quite comfortable with it. It's space fiction.
WHEN YOU ARE IN THE RIGHT, YOU CAN AFFORD TO KEEP YOUR TEMPER; AND WHEN YOU ARE IN THE WRONG, YOU CANNOT AFFORD TO LOSE IT.
Risks are a measure of people. People who won't take them are trying to preserve what they have. People who do take them often end up having more. Some risks have a future, and some people call them wrong. But being right may be like walking backwards proving where you've been. Being wrong isn't in the future, or in the past. Being wrong isn't anywhere but being here. Best place to be, eh?
I was born with the wrong sign
In the wrong house
With the wrong ascendancy
I took the wrong road
That led to
The wrong tendencies
I was in the wrong place
At the wrong time
For the wrong reason
And the wrong rhyme
On the wrong day
Of the wrong week
Used the wrong method
With the wrong technique
Wrong
Wrong.
You must never feel badly about making mistakes ... as long as you take the trouble to learn from them. For you often learn more by being wrong for the right reasons than you do by being right for the wrong reasons.
I can afford to take a risk in my life. Only the insecure cannot afford to risk failure. The secure can be honest about themselves. They can admit failure. They are able to seek help and try again. They can change
Criticism ultimately at some degree is about the writer and not the subject. It's very easy if everybody else says, "He's a genius," to echo that, but then you're not functioning as a critic or as a writer in any meaningful way. You've got to take the risk of being wrong.
If you identify with a mental position, then if you are wrong, your mind-based sense of self is seriously threatened with annihilation. So you as the ego cannot afford to be wrong. To be wrong is to die. Wars have been fought over this, and countless relationships have broken down.
I don't think there's anything inherently wrong with a bank being big. In fact, there are some good arguments about universality of geography that in theory, if you have all your eggs in one little community, and some big employer goes out, that could be your downfall.
If you are not making any mistakes, you are being excessively risk-averse. Investing involves risk, and that means you will occasionally be wrong. And although it is okay to be wrong, it is not okay to stay wrong.
The fact remains that getting people right is not what living is all about anyway. It's getting them wrong that is living, getting them wrong and wrong and wrong and then, on careful reconsideration, getting them wrong again. That's how we know we're alive: we're wrong.
There are very few errors and false doctrines of which the beginning may not be traced up to unsound views about the corruption of human nature. Wrong views of the disease will always bring with them wrong views of the remedy. Wrong views of the corruption of human nature will always carry with them wrong views of the grand antidote and cure of that corruption.
I used to tell my graduate students at Stanford, 'Don't worry about what job you have to pick because your job picks you. Let your job pick you. Find something you are passionate about. Then when you are passionate, be persistent. Just keep doing it for a while because progress is always hard work. It never rests in ideas.'
Left to ourselves, we might pick the wrong health insurance, the wrong mortgage, the wrong school for our kids; why, unless they stop us, we might pick the wrong light bulb.
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