In "When Genius Failed: The Rise and Fall of Long-Term Capital Management," Roger Lowenstein discusses the notion that there is little stigma associated with failure, especially on Wall Street. He suggests that individuals who experience setbacks can often find opportunities for redemption or second chances, similar to the political arena where politicians frequently bounce back after setbacks.

Lowenstein emphasizes that the public's memory is typically short-lived, extending only through an election or economic cycle. This fleeting memory allows for a relatively forgiving environment where past mistakes are easily overlooked, facilitating the potential for a second act in the financial world. Such a perspective underscores how resilience and adaptability are valued traits in high-stakes environments like finance.