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“When the facts change, I change my mind. What do you do, sir?”
- Wing Commander Pravinkumar Padalkar
- Aug 16, 2025
- 1 min read
“When the facts change, I change my mind. What do you do, sir?” — John Maynard Keynes
John Maynard Keynes was one of the most influential economists of the 20th century.
He believed that when facts change, wisdom lies in adapting, not in being stubborn.
This lesson applies not only to economics, but also to investing and to the art of war.
Flexibility is a core principle in the art of war.
A general who refuses to adapt to fresh intelligence risks losing the battle.
An investor who ignores new facts risks losing capital.
Conviction is important. But blind conviction is dangerous.
Markets are dynamic battlefields.
Businesses evolve.
Competitors rise.
Technologies disrupt.
Risks emerge.
Opportunities shift.
Governments intervene.
Policies change.
What looked like a winning position yesterday may be a losing one today.
A rigid commander is defeated by surprise.
A flexible commander adjusts, regroups, and strikes again.
The same applies to investors.
The best investors aren’t those who stubbornly defend their old thesis, but those who adapt when reality proves them wrong.
Key Lessons:-
The ego is the biggest enemy
Stay humble before facts
Be flexible in approach
Adaptability is survival
Long-term wealth is not built by never being wrong, but by correcting quickly when you are.
Like a wise general on the battlefield, an investor wins by staying flexible; that is how wealth is created.
In war, flexibility secures victory. In investing, it creates wealth.
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