change is inevitable

"Progress is impossible without change, and those who cannot change their minds cannot change anything." – George Bernard Shaw.

In life, we need to be able to change tactics and be flexible to the environment that surrounds us. One of the key values I often refer back to is ‘flexibility’ and ensuring that when the facts change, I am comfortable enough to switch my opinion.

It's a small thing but super important. I have seen it too often in the investment world when PMs or fund managers have a view and are unyielding even in the face of new evidence. I guess they might think there is valour in being dogmatic. The ability to change your mind and being comfortable in doing it is a sign of strength. In ‘Superforecasting’ by Phil Tetlock, he talks about how the best forecasters embrace uncertainty and continuously update their beliefs, easily jettisoning initial assumptions.

The key here is to adopt a flexible attitude and don’t worry about changing your mind. It’s fine.