I hate being wrong. It generally means I am losing money and my limited partners are losing money.

I can’t grow being wrong. I can’t make a living being wrong.

Lately, I have been wrong quite a lot. I am underinvested, selling too early, in the wrong stocks. I can’t cover it up and I don’t want to cover it up. Being wrong and in the open about it, helps me get things right faster.

That is not how my industry as a whole works.

Wrong is right if you are big enough. Wrong is right…at scale.

Here is a chart of hedge fund asset growth:

Based on performance, a majority of hedge funds are massively underperforming the S&P the last few years. Big woop. Bernie Madoff ….just a blip.

I have no idea what stops a trend like this.

The most outrageous of the wrong continues to be Bank of America. I don’t know how Jon Stewart has missed this layup of financial irony.

Bank of America is now sponsoring Khan Academy’s personal finance site. The tagline of the campaign…’Better Money Habits.’

Watch the video. Try not to throw up (I gagged a little at minute 1-40).

Remember…if you must be wrong, be wrong in size…with leverage.