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Preoccupation with being right means you’re betting, which personalizes the market and is the root of losses due to psychological factors. Concern yourself with whether or not you have done your homework to define a set of conditions under which you will enter and exit the market, and whether or not you carry out that plan.
What I Learned Losing a Million Dollars
Jim Paul
We close this chapter with a few summarizing lines. One may be risk loving yet completely averse to ruin. The central asymmetry of life is: In a strategy that entails ruin, benefits never offset risks of ruin. Further: Ruin and other changes in condition are different animals. Every single risk you take adds up to reduce your life expectancy. Finally: Rationality is avoidance of systemic ruin.
Skin_In_The_Game
louis.beaumont@gmail.com
Only consider at what price you sell your own will: if for no other reason, at least for this, that you sell it not for a small sum.
A Selection From the Discourses of Epictetus
Epictetus
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