Hello all. I have been practicing essay writing for a while now and am wondering if you could grade my essay for the following prompt. Thank you!!!
Prompt: Can self confidence cause carelessness and error?
Self-confidence can cause carelessness and error because it causes people to become myopic and arrogant. Examples, such as the lives of Victor Niedergoffer and Linda Wanchner and Adolf Hitler’s invasion of Russia all demonstrate the calamity hubris can cause.
Victor Niederhoffer is an extremely affluent and successful investor and trader. He graduated from Harvard University in 1964 and University of Chicago in 1969, where he received his PhD in statistics and economics. In 1965, while still in college, he co-founded a company called Niederhoffer with Frank Cross. Niederhoffer is an investment bank that sells privately held firms to public companies. His company met with great success, as evident in 1996 when Niederhoffer investments returned 35% a year and was ranked the number one hedge manager in the world by MAR. However, in 1997, Hiedergoffer Investments was not finding many opportunities for investments, so Victor made a bold move by deciding to buy Thai bank stocks. On October 27, 1997, losses resulting from this investment combined with a 554-point (7.2%) single day decline in the Dow Jones Industrial Average forced Victor out of his position. $35 million had been lost. Therefore, confidence leads to disastrous mistakes.
Linda Wancher is an American businesswoman who was the president and CEO of Warnaco Group Inc. from 1986 to 2001. She led a $55 million buyout of the company and took complete control. In 1993, Fortune Magazine named her “the roughest, toughest, most intimidating boss” . In 1996, she was reported as the highest-paid female corporate executive in the US. However, in 2000, Calvin Klein sued Warnco for trademark violations due to Linda’s aggressive actions. As a result, she was removed as CEO on June 11, 2001 for bankrupting the company. For this reason, confidence can be deadly.
Adolf Hitler was overambitious in thinking that he could conquer Russia during the winter in 1941, despite the fact that Napoleon had failed a century ago. He invaded Russia in June 22, 1941, breaking the non-aggression pact set forth between the two nations. Hitler faced insurmountable difficulties due to the harsh Russian winter.Out of the 600000 troops, only 20000 survived and made it back to Germany. Hence, hubris is fatal.
Self-confidence does, indeed, cause carelessness and error. As demonstrated by Victor Niederhoffer, Linda Wanche and Adolf Hitler, overconfidence creates a plight.