I have a pastime that has helped my frame of mind on those occasions when I have screwed the pooch, which has happened more than I like to admit. What I do, is to go to sec.gov and look up what professional money managers had to own up to in the wake of the last bear market.
Christopher Davis made some very glowing comments about Tyco. He mentioned that in the wake of some hit pieces, they initiated a new round of research which established that the accounting was "conservative".
Bob Rodriguez, the only fund manager to win Morningstar's best of the year in both catgories (stock and bond) reported selling his entire stake of Conseco for pennies per share. And he was one of the big holders.
Wally Weitz said of Adelphia, "we didn't like the management, but we didn't think they were stealing from us."
I'm sure you can find other such examples. But the moral is that all of these managers retained their excellent record despite some very embarassing missteps, two of the above three were total wipeouts. I bring this up because I think that being self-conscious is not a good thing and I am to excess. It helped me when I became less worried about it. I've realized of my own mistakes, the faster I come to terms with them the better off I am.