EXPERIENCE, n. The wisdom that enables us to recognize as an undesirable old acquaintance the folly that we have already embraced.

Ambrose Bierce (1842–1914?) American writer and journalist

“Experience,” The Cynic’s Word Book (1906)
    (Source)

Included in The Devil's Dictionary (1911). Originally published in the "Devil's Dictionary" column in the San Francisco Wasp (1884-06-07).