Many shall be restored that now are fallen, and many shall fall that now are in honor. ~ Horace
That’s the quote Benjamin Graham chose to open his masterpiece Security Analysis. What could be a better reminder than this to investors about their fallibility?
If you are repeatedly successful, there’s a temptation to believe that you’re no longer subject to human fallibility. But the honest (and harsh) truth is that in a world that is continually changing, every right idea or strategy eventually becomes the wrong one.
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