Advice for how to gracefully handle mistakes often emphasizes 1) taking responsibility for the error, 2) presenting a plan for the remedy, and then 3) fixing what was wrong. Although these directions sound simple, they can be extremely difficult to execute in real life. No one finds it easy to own up to a mistake -- particularly a costly one. One case in point I came across recently was Brad. He manages a $2 billion hedge fund that had a terrible quarter -- two of his largest positions, both ene...
Advice for how to gracefully handle mistakes often emphasizes 1) taking responsibility for the error, 2) presenting a plan for the remedy, and then 3) fixing what was wrong. Although these directions sound simple, they can be extremely difficult to execute in real life. No one finds it easy to own up to a mistake -- particularly a costly one. One case in point I came across recently was Brad. He manages a $2 billion hedge fund that had a terrible quarter -- two of his largest positions, both ene...
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