Among the vast collection of aphorisms attributed to Warren Buffett, few are as blunt or practical as his famous rule of self-correction: "The most important thing to do if you find yourself in a hole is to stop digging." While the statement sounds like simple common sense, it addresses one of the most destructive tendencies in human psychology and business management: the refusal to admit a mistake and cut losses before a bad situation turns into a catastrophic failure.
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