Barry Ritholtz has an excellent post up this morning (as usual). In it, he outlines his simple, 3-step process to avoid big mistakes and to keep errors manageable.
- Rule #1: Expect to be wrong
- Rule #2: Admit Error
- Rule #3: Repair
Weather forecaster Lisa Hidalgo wonderfully illustrates our need to recognize when things go wrong and adjust accordingly in the video below (even though the original error doesn’t appear to have been her doing). You might also want to read Joe Posnanski’s fine article on Rick Ankiel swinging for the fences, a rare example of an athlete adjusting when things go wrong and re-inventing himself to save his career.