Some people collect classic cars. Others collect Chinese porcelain. I collect mistakes. My own and those of others. It can be uncomfortable seeing how fallible we are. But errors help show us how our brains work. My aim in writing this new column is to investigate financial thinking, good and bad, particularly in relation to investment. If we understand our minds better, we should be able to avoid mistakes more easily, especially the kind that cost us money.
I had been loath to sell below my in-price because it would have meant crystallising a loss and admitting I was a loser, albeit in the narrow discipline of investing in education multinationals. It would have been better to think about my investments in the round, without ego and to have sold out earlier. It was just possible to kid myself that a £1.50 per share loss is not so bad when a stream of dividends compensates you for it.
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