Mistakes and reversals

"I like people admitting they were complete stupid horses' asses. I know I'll perform better if I rub my nose in my mistakes. This is a wonderful trick to learn." The words have the unmistakable voice of Charlie Munger, the 97-year-old who is one half of the inimitable Buffett-Munger duo which runs the giant investment conglomerate Berkshire Hathaway. As you can see, Munger does not talk like a dignified senior statesman of the business world. As a result, the things he says are actually interesting and useful, unlike the bland zero-meaning verbiage that well-known business people generally produce. This business of recognising and admitting mistakes is a recurrent theme with Buffett and Munger. This mistake theme is not just talk. While normal businesspeople never admit mistakes, these two are almost enthusiastic abo