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"When you find yourself in a hole, stop digging."
—Will Rogers
"Past losses do not dictate future gains. Quit what isn't working."
—Seth Godin
"A rational decision is based on future costs and benefits, not past expenses."
—Daniel Kahneman
"The most dangerous investment strategy is holding on simply because you've already invested too much."
—Howard Marks
"Sunk costs are irrelevant--what matters is what you do next."
—Charlie Munger
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One of the most valuable lessons I learned in my MBA program was the concept of sunk costs.
Once it's spent, it's gone.
Whether it's $100 or $10,000, if you can't get it back, there's no point dwelling on it. But most hold onto past losses, unable to let go.
It's gone. Let it go.
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