Paul Tudor Jones: “…at the end of the
day, the most important thing is how good you are at risk control.
Ninety percent of any great trader is going to be the risk control.”
Michael Steinhardt: “One of
the advantages of trading the way I do — being a long-term investor,
short-term trader, individual stock selector, market timer, sector
analyst — is that I have made so many decisions and mistakes that it has
made me wise beyond my years as an investor.”
Ray Dalio: “Anyone who has been
involved in the markets knows that you can never be absolutely
confident. There is never a trade that you know you are right on. If you
approach trading that way, then you will always be looking at where you
mght be wrong. You don’t have a false confidence. You value what you
don’t know.”
And last but not least, Howard Marks: “Sun
Tzu said if you sit by the river long enough, you’ll see the bodies of
your enemies float by. The key is “long enough.” If you live long
enough, you have to be the survivor… if you look at distressed debt
where we started in 1988, I could tell you who our number one competitor
was in every year through 1995 and not one is a main competitor today.
And it’s not because of what we did; all we did is perform consistently.
They crapped out. It sounds simplistic to say, but the first
requirement for success is survival…”
