…and experience comes from bad judgment.
If you are so lucky to not have made some bad judgments along your path, look twice as you move forward. My best senior mentors always told me to look behind the good news—meaning there may be more luck in that success than a solid basis of good judgment and execution. I would add though that people change. They grow and get better at what they do. So many people make a negative judgment about a person or an investment opportunity or an industry and that perspective stays with them. They miss the fact that change is continuous and most people improve with age. I have to admit I passed on David Einhorn when he was 27 and forming green light capital. It wasn’t that he wasn’t smart; it just seemed he was too young and too inexperienced to invest in at the time. Oops. He now has a six billion dollar fund and likely doesn’t remember our conversation.