Acknowledging that you are wrong is a superpower. Even considering the idea that you are wrong is powerful. This is especially the case in the financial markets where we are constantly bombarded with new, potentially contradictory information. Some of this viewpoint has to do with getting older and having been proven wrong plenty of times.

One need not look far for things that contradict your world view. Skim through the news from a year ago and you will see plenty of things you thought were important but ultimately you have long since forgotten. This isn’t always fun, but the more we can exercise this muscle the better. Let me leave you with some thoughts from Barry Ritholtz at the Big Picture on why we should be humble in the face of our collective ignorance.

It is truly astonishing how many of the things we take for granted are simply untrue. Much of our investment beliefs (indeed, our lives) are based on thinking things that turn out to be either unproven or outright false. That should be very humbling to anyone in this business.

Acknowledging that we are all just stumbling around the dark may help you from stubbing your toe.

This content, which contains security-related opinions and/or information, is provided for informational purposes only and should not be relied upon in any manner as professional advice, or an endorsement of any practices, products or services. There can be no guarantees or assurances that the views expressed here will be applicable for any particular facts or circumstances, and should not be relied upon in any manner. You should consult your own advisers as to legal, business, tax, and other related matters concerning any investment.

The commentary in this β€œpost” (including any related blog, podcasts, videos, and social media) reflects the personal opinions, viewpoints, and analyses of the Ritholtz Wealth Management employees providing such comments, and should not be regarded the views of Ritholtz Wealth Management LLC. or its respective affiliates or as a description of advisory services provided by Ritholtz Wealth Management or performance returns of any Ritholtz Wealth Management Investments client.

References to any securities or digital assets, or performance data, are for illustrative purposes only and do not constitute an investment recommendation or offer to provide investment advisory services. Charts and graphs provided within are for informational purposes solely and should not be relied upon when making any investment decision. Past performance is not indicative of future results. The content speaks only as of the date indicated. Any projections, estimates, forecasts, targets, prospects, and/or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others.

Please see disclosures here.

Please see the Terms & Conditions page for a full disclaimer.