networkn:

 

Fred99:

 

It's an anecdote and an opinion.  "Confirmation bias" - lol.

 

If through people you know, associate with, do business with, you feel that people set up businesses as ponzi schemes or with no "good intent" from the start, then you're hanging around with the wrong kind of folks.

 

 

No, I was saying that the confirmation bias, is where you continue to invest resources into something, because "you already spend a lot of money on it" or the like.

 

 

 

 

Fair enough. I don't think that (confirmation bias) is quite the right term, though it's certainly lack of objectivity.

 

That particular business, I spent a lot of time going through the business model in detail, I knew it wasn't going to work and where the weaknesses were, discussed it all in great detail.  I've probably got all the spreadsheets and notes on a backup disk here somewhere.  What did the business owner do?  Ignored everything I said and found someone who told them how great it was all going to be instead - so I guess that was a type of confirmation bias - some people will select prophets who'll only tell them what they want to hear. Then inevitably goodbye to the house, massive debts to banks, IRD etc. bankruptcy, finding yourself in your 50s with no assets or savings, health issues probably stress related.