I just made a post on Twitter I wanted to elaborate on and that’s ownership. Right or wrong, the Obama administration has a list of excuses for the economy that’s mind-boggling: Bush’s fault, not enough stimulus, Republican Congress’s fault, earthquakes, etc, etc.
But, let’s say each and every one is correct and valid. Really, so what? The mark of a truly great leader is the ability to step and and say: “This is now on my watch. Whatever happens now I own and I’m willing to live with the consequences.”
The same is true with trading, btw. In the course of my financial travels, I’ve had horrible luck, bad fills, busted trades, silly mistakes, and about a thousand other things that cause traders to go batty.
But, at the end of the day, who’s fault is it? Mine! And if you’re any kind of decent trader, you put plans in place to either avoid the potholes, or — once encountered — not let them do too much damage.
My guess is Obama would win ’12 in a landslide if he simply said: “What I’m doing isn’t working. I’m going to now try something new. And if that doesn’t work, I’ll keep at it until the ship is righted.”
Now that would be ownership. And leadership.