Barry’s Point Illustrated

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.


2 thoughts on “Barry’s Point Illustrated

  1. Pingback: The Semmelweis Reflex | Above the Market

  2. Pingback: Motivated Reasoning | Above the Market

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s