Don't mix up facts and opinions
The Reformed Broker:
This business is not about making calls and sticking with them for the sake of being able to say you were right all along, it is about processing new information that will make a difference and dropping the opinions that have been invalidated.  I come to work every day hoping I’ll be able to do that.  It’s easier to write about than to actually do.  Is your decision making process flexible?  Are you hung up on what “should happen” rather than what is likely to happen?


Barry Ritholtz
I know my job is to look out over the world and assess where opportunity and risk lay. I can critique people’s analytical errata all I want on the blog all I want but that is merely a mental exercise — not what I actually get paid for. Clients do not give their hard earned cash to managers who are the most acerbic critics of fill in the blank; rather, they go to money managers who know how to navigate around whatever it is that is driving asset prices. And these days, that is the FOMC. “Critique the Fed but manage your assets” is the monetary policy equivalent of “Praise the Lord and Pass the Ammo.”