Here's a tradfi-media thing Bitcoiners should learn from... selectively, anyway.

Prices are truth, assets falling in prices convey something. The responsible and reasonable thing is to stop and wonder, wth did I get wrong?

takes me back to my biggest investment mistake — an understandable, but costly, error and one that has haunted me for nearly 30 years. There are some lessons I learnt from it that are pertinent to the current situation, though, so for your benefit, I will relive my pain. 

"It concerns the Yellow Pages""It concerns the Yellow Pages"

Investment case didn't quite pan out as dude thought... even after he had doubled down and rationalized how digitalization would make YP even more entrenched and profitable.

The shares malingered. I compounded the problem by buying more when they had fallen a fair bit. Eventually, Yell went bust along with its elder US sibling. It remains my largest loss in stock selection over 26 years, but today I find myself applying three lessons

"When shares you own sink, assume that you’re wrong rather than looking for reasons why you’re right. Buying more is tenable only if you’ve thoroughly reviewed and reconfirmed your original investment thesis.""When shares you own sink, assume that you’re wrong rather than looking for reasons why you’re right. Buying more is tenable only if you’ve thoroughly reviewed and reconfirmed your original investment thesis."

The second and third reason are sort of inapplicable for bitcoin anyway (future earnings + diversification): ...obvs as a tradfi fund manager, Me. Edelsten doubles down on Buffett-inspired nonsense

Adding some old-fashioned businesses could be a good way of spreading your portfolio more widely. And the good news is that many of these look relatively attractive value for money.

At least that bit resonates a bit.

...or here's our beloved Robert Armstrong this morning, trying to make sense of market moves during/after wars:

Even if our analysis of the war is correct, markets are not good at looking far into the future, which is the timeframe in which wars’ effects play out. And in the short term, I’ve never seen any evidence that markets are particularly good at discounting geopolitical risk. Most importantly, financial markets do not reflect the world economy: they contemplate the solvency of nations and the profitability of companies, but only some nations and some companies, and only relative to embedded expectations, not in absolute terms.

archive: https://archive.md/DGbzs