“If you find yourself in a hole, stop digging.”

Understanding escalation of commitment

“When the Facts Change, I Change My Mind. What Do You Do, Sir?”

You may remember this quote from our analysis of John Maynard Keynes the bisexual hedge fund pioneer who married a Russian ballerina at the age of 42 with his former lover as the best man at their wedding.

Keynes, in the early 1920s, became convinced that the currencies of the economies deva…