If Trading Is Like Chess, Then Macro

Intellectual Capital Will Always Trump Financial Capital.

Sometimes Failure Is Merely Chasing You Off The Wrong Road And Onto The Right One.

And Then At The End Of The Day, The Most Important Thing Is How Good Are You At Risk Control. Ninety-percent Of Any Great Trader Is Going To Be The Risk Control.

Fundamentals Might Be Good For The First Third Or First 50 Or 60 Percent Of A Move, But The Last Third Of A Great Bull Market Is Typically A Blow-off, Whereas The Mania Runs Wild And Prices Go Parabolic... There Is No Training, Classroom Or Otherwise, That Can Prepare For Trading The Last Third Of A Move, Whether It's The End Of A Bull Market Or The End Of A Bear Market.

There Is No More Compassionate And Effective Way To Help Poor People In New York City Than To Give To Robin Hood.