Newell, thank you very much from your comment. I have seen that same phenomenon at work in the investment industry all too often. I hope I haven't committed it myself. I think that sometimes the reticence about admitting mistakes is because the mistake conflicts with some deeply held beliefs. Admitting to the mistake might also mean admitting their deep-seated belief is wrong. (For example, a value investor might not recognize a value trap even after sufficient evidence piles up.) And at other times, it conflicts with the ego whereby people choose conclusions that are comforting to their self-image or protect their self-worth as "smart" or "accomplished" or "capable", etc.