Ten things I learned from David
Tepper: #9
9. “Replaying losses in your
head is the only way you learn from your mistakes.”
As I said in my post about Keith Rabois, you can’t simulate investing. The way to learn to
invest, is to actually invest real money (preferably your own money) so you
have actual skin in the game. And when you invest and fail, you should be
“rubbing your nose in your mistakes” as Charlie Munger suggests. When you
inevitably make mistakes and get feedback, if you don’t learn from that you are
not going to build up an edge versus other investors.
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