when we quit things, we usually follow the idiom out of sight, out of mind. We don't naturally track things that we're no longer in. This is likely w… - Annie Duke

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when we quit things, we usually follow the idiom out of sight, out of mind. We don't naturally track things that we're no longer in. This is likely what is causing the problem with the portfolio managers. When they enter into a position, they're tracking that every day, because it's part of the portfolio. But once they exit, they're not tracking it in the same way, because the position is now off their books. It's no longer part of their P&L statement, not as far as they can see in any obvious way.

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Birth Name: Anne LaBarr Lederer
Alternative Names: Anne LaBarr Duke Annie Lederer Anne Lederer

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Third, and perhaps most important, the turnaround time is a reminder that the real goal in climbing Everest is not to reach the summit. It is, understandably, the focus of enormous attention, but the ultimate goal, in the broadest, most realistic sense, is to return safely to the base of the mountain.

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