Hedge fund managers and venture capitalists are suddenly talking a lot about “humility” and doing plenty of apologising, or at least they should be.“Markets teach. The lessons can be painful,” as Amazon.com founder Jeff Bezos put it.
SAY what you like about hedge fund manager Bill Ackman but, after losing around US$400mil (RM1.8bil) from an ill-timed bet on Netflix Inc, he was quick to exit the position in April and own up to his mistake.
In the wake of Netflix’s disappointing subscriber growth, Ackman said he was no longer able to confidently predict the streaming company’s prospects and “100% ready to admit when I’m wrong.”
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