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Learning from Mistakes: Alan Quasha Explains the Trend

September 2, 2009

Our society is baffled by the two-fold question: How can the financial community, made up of clever, astute individuals have led us to our present economic crisis? And second; what important lessons can we learn from this current financial situation?

Alan Quasha believes one of the most important lessons we can learn is that mistakes are inevitable, and the most important thing is to learn from them and move on with our new-found knowledge. In order to properly take advantage of the education our mistakes have to offer, we must show integrity and have a desire to grow. To learn from mistakes it is necessary to admit them early. To avoid large mistakes it must be acknowledged at the outset that mistakes are a real possibility. This is why we are seeing a trend today for firm managers to become more and more expert risk managers. And the investment firms with the best risk management controls stand apart and are more successful.

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