Sun Tzu's six rules detailing the way that we gain an advantage by learning from our mistakes.
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This article explain how we come to each choice of action based on our past choices. When we explore what looks like an opportunity, we are often going to be disappointed by our initial choices. The challenge arises from our reactions to that disappointment. There are two opposite mistakes that we can make. One one hand, we can throw good money after bad, increasing the size of our loss by simply expanding on our initial efforts. On the other hand, we can abandon a good opportunity by failing to follow up after a poor initial choice. The question is how we find the right balance of persistence.