Horsehead Postmortem: Updating Beliefs After A 100% Loss

Horsehead Postmortem: Updating Beliefs After A 100% Loss by Jesse Koltes, Founder of TheCharlieton.com

My investment in Horsehead Holding went to zero recently. This marks the second time I’ve lost 100% of my money on an investment, but the first time I’ve done so since stumbling across Ben Graham and becoming an aspiring value investor.

As Charlie Munger has said, it’s wise to embrace your errors, and even to rub your nose in them.

[munger]

Reality, the world, and most of all our own egos are all quite willing to let errors fade into the background, never to be recalled again.

[drizzle]

Horsehead

I don’t want to let that happen with Horsehead. Forgetting...