The Importance of Discipline in Decision Making

We live in this world with incomplete information. We're sort of at the mercy of powers that are out of our control. But over time, all the good luck and bad luck balances out if we're disciplined about our decision-making. One of the things that causes it to be really hard to quit is that's the moment where you go from failing to having failed. You have to take the loss. Or as Richard Thaler would say, you have to close the account in the losses.