No matter how busy I am every day, I will come to practice a couple of sessions of Pilates. As usual, at the end, we will do a plank for 1 minute.

Buffett has taken his final bow. Yesterday he wrote the last letter to shareholders, discussing his early life and some asset distribution. What I remember most are the few sentences he said at the end: do not blame yourself for past mistakes; it is never too late to change. This is very useful in investing. One reason most people cannot maintain high returns over the long term is that they are always trapped in blaming themselves for mistakes, which specifically manifests as 'wait until breaking even before selling'.

Selling at a loss is admitting one's mistake, which means changing the initial decision. Many people cannot accept this; more painfully, the more ordinary a person is, the less economically capable they are, the harder it is for them to accept it.

Because facing mistakes comes with a cost, but most people cannot accept that cost. Those who hold onto coins until they are worthless or go to zero are mostly ordinary people like us, while institutions and big players often cut losses in time and look for new starting points.

Looking back at myself, I often do the same, holding some so-called 'good coins' and finding various reasons to comfort myself that everything is cyclical. Then I think, do I have that much money? No. At that point, I should cut losses and improve the efficiency of my limited funds. So grab this good opportunity to cut losses! Cutting losses is also a form of progress!
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