Dick Cheney Would Make a Terrible Trader

I have spilled a great deal of pixels and time in these pages discussing the importance of not letting your biases get the best of you as an investor. (See this, thisthis, thisthisthisthisthis, and this). Further, when you are wrong, you must do more than merely acknowledge it: Embrace the error, understand it and learn from it. Traders who don’t learn these lessons very quickly become ex-traders.

If only the same were true for the pundits and politicians who refuse to acknowledge their mistakes. Instead, they double down on the same bad philosophy and belief system that led to the error in the first place.

The latest example of this is former Vice President Dick Cheney. In a recent Wall Street Journal op-ed — one that isn’t even worthy of a link — he blames the entire Iraq fiasco on the current president, stating “Rarely has a U.S. president been so wrong about so much at the expense of so many.”

I did a double-take when I read that: I wasn’t sure if he was discussing the current president or the man Cheney ostensibly worked for, George W. Bush. Regardless of what you think about the current sitting president — he has been an enormous disappoint for many, and his poll numbers reflect that — invading Iraq was a choice made by the Bush administration. And the only person more wrong about Iraq than Bush was the invasion’s chief advocate and architect, Cheney himself.  Continues here

This piece is cross-posted from The Big Picture with permission.

One Response to "Dick Cheney Would Make a Terrible Trader"

  1. Don   June 25, 2014 at 5:06 pm

    I found the 2003 “Hidden Agenda” article interesting, but I was struck by the caveat:

    “The logician in us acknowledges that rejecting the Dr. Strangelove” scenario is an assumption, and as such, a vulnerable point of this thesis.”

    Indeed! Dr. Strangelove and his pliant boss surrounded by a naive and delusional herd of Neoconservatives (Neocons).

    At the start of Gulf War 2, my office was rented in the space a corporate affiliate which lived on military contracts. When the news first broke that the war had started, I heard a retired Colonel, who was an executive for the affiliate, walking through the hallway bemoaning the fact that we had just initiated the generation of 2 million more enemies. The long term consequences of the war on terrorism was well understood by the military. The sectarian consequences of doing it on the cheap, as dictated by the delusional Neocons, was implied by General Shinseki’s testimony to Congress.

    I seriously doubt that strategic thinking, especially strategic military thinking, had anything to do with the decision to invade Iraq. The military was simply following the orders of Rumsfeld and their other Neocon civilian bosses. It’s too bad that a lot of generals didn’t serve their country by resigning en-mass.

    Unlike the Neocons, you got the time line for the war right.