He is extremely arrogant in that speech, and Connacht even insults his arrogance. It seems self-evident that ebcause he was so arrogant, he didn't realise that he was wrong: he can't escape the cycle.
Also, note how he spends his days in a tomb: he's outside the cycle because he's simply shut himself off from the entire world. His arrogance has le him nto a pathetic state of existance.
Greygoolgogolegoop: Mumbojumbo OBVIOUSLY knew he protected the Watcher; hell, if they ahdn't they would have just made him really old or something instead of a SHADE! Then they deliberately make him suprememely arrogant (and note how the Watcher is hunting for him in those 2 levels, outside the cycle my arse!), and then read my above comments, and you'll see that mumbojumbo knew what they were doing.
