The error of confirmation (IM 825)

In almost all of the cases, the past events and our past experiences determine our decision for the future.

This could be the biggest error we are making everyday.

Since the world is dynamic, the predication of future based on past events is a losing bet. Take an example of this Coronavirus, we never expected this to happen in 21st century amid all those high technology and advancement in science and biology.

Let’s go to the economy sector and see Bitcoin. It has increased to $40,000 (as I am writing this). Seeing the pasts of Bitcoin will never promise its current situation. Take Tesla ($TSLA): Nobody would have thought Tesla would be the most valuable stock 10 years ago and nobody expected Elon Musk to be the riches person of the world (He made more than $100 billion dollars in 2020 alone)

So, our experiences from the past events or any historical events does not confirm the future.

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