3 investing lessons from a mistake by Charlie Munger
It does not matter how great an investor you are, you will make mistakes from time to time. There has to be a safety bet that you create for yourself when you make a mistake. The one that works well is to use a stop loss. The simple reason is that it puts a floor to the maximum loss to your capital. It lets you get out of your position and then assess more objectively if there is something wrong with your thesis.
