Every great investor has made some investments that he wishes he’d never made. Occasionally he’ll make another one like it. And another one like it. Eventually you learn. Or maybe you don’t.
I heard the following quote today attributed to an extraordinary successful investor (I’ve editorialized a little.)
“I’m fascinated with airplanes and the airline business, but every time I invest in them I regret it and lose money. I finally set up an 800 number, and every time I feel like buying an airline I call it, and it is a recording of me, telling me not to do it.”
There are several areas that I’ll never invest in again. Maybe someone can make money in them, but I can’t. And I eventually learn. Time to go set up a few 800 numbers to remind me.