What are investing mistakes?

Shane Parrish and his guest Joel Greenblatt discuss the importance of learning from investing mistakes. They note that experiencing losses personally helps solidify lessons, but it's also beneficial to learn from the mistakes of others to avoid repeating them. This approach is akin to strategizing in chess, where one anticipates and learns from potential errors, but with a focus on patience and waiting for clear, undeniable opportunities before making investment decisions. This methodology reduces the frequency of avoidable errors and emphasizes the value of experience and judgment in recognizing top investment opportunities 1.