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Learning From The Past

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...and that's where babies come from

…and that’s where babies come from

Today marks 6 years since the bottom of the stock market crash that took place in late 2008 and early 2009.  The Dow closed at 6,547 that day and things looked bleak.  That closing value was more than 50% below the October 2007 high of 14,164.  Since then it has been grinding up slowly and the Dow Jones Industrial Average is now hovering around 18,000.  It has not been straight up however it has had many fits and starts and that is normal even during bull market runs.

About a year after the March 9, 2009 low, I wrote a blog suggesting that maybe within another year interest rates would increase by as much as 5%.  I was dead wrong.  It is now 5 years since I wrote that blog and we sit at the same rate.  It seems like at some point this year the Fed will finally increase rates – but not by much.  I am not in the business of predicting changes in economic cycles nor am I an expert on the Fed.  Frankly, what I was suggesting was conventional wisdom at the time.  No one could have predicted how things played out.

Today’s point is; learn from the past so you do not repeat your mistakes.  My suggestion is to take an inventory of your own business lessons and write them down or commit them to memory.  Use these mileposts in your business experiences so you can refer to them when faced with a decision in the future.  What did I do and how did that work out?   Also, if you have a close group of business friends you rely on, ask them about their experiences.

I think it is best if you create a “diary” of your lessons so you can use yourself as a sounding board.  Take notes and go into detail what went on and what issues you considered and what you did not consider that you should have.   Most importantly of all, do it when it is fresh in your mind so you have the most accurate recollection.  If you do this, you may find out that you are a pretty good advisor to your future self.

Have a great week learning from the past and trusting in yourself.

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Written by pacelinebiz

March 9, 2015 at 8:01 am

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