For many of us, it can be tough to embrace our flaws or mistakes.
Billionaire investor Peter Lynch learned that skill from legendary business magnate Warren Buffett.
Nicknamed "America's money manager" by Forbes, Lynch became well-known for managing the Fidelity Magellan Fund and growing its assets from less than $100 million to $13 billion. As a result, he established the world's best-selling stock fund for over a decade during the 1980s bull market.
In an interview with Forbes Magazine as part of its "100 Greatest Business Minds" series, Lynch said Buffett taught him to embrace what he calls his own "greatest mistake," which was that he "always sold stocks way too early."
He recounts how Buffett once called him unexpectedly on a Saturday in 1989 to ask for a favor. When his daughter picked up the phone, she said, "It's Mr. Buffett on the line."
"And I thought some of my buddies are kidding me because she was only 6," Lynch told Forbes.
Buffett told Lynch that he loved his new book "One Up on Wall Street," in which Lynch explains his investment style and how it can help others succeed.
"I want to use a line from it in my year-end report. I have to have it," Buffett said. "Can I please use it?"
"Sure. What's the line?" Lynch asked.
The line Buffett wanted to quote was this: "Selling your winners and holding your losers is like cutting the flowers and watering the weeds."