Barry Ritholtz: How to Use Behavioral Finance in Asset Management, Part I: "Annual Mea Culpas: I learned this from Ray Dalio about a decade ago: every year I make a list of what I got wrong and what I learned from the experience.... Acknowledging your mistakes...
...Counterfactuals / inversions: Finally, pulling a page from Charlie Munger at Berkshire Hathaway, we have all taught ourselves to invert. The counter-factual way of thinking avoids a variety of heuristic and psychological errors. It helps with debunking nonsense. It allows us to recognize how the element of chance and randomness plays into large complex systems like the economy and markets; it helps you to consider possible alternative outcomes to different situations. In terms of managing risk, it lets you consider extreme or unusual possibilities that might never have entered your mind without the counter-factual...
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