Ambitious
Makes and follows long term business plan
•Unambitious
Will ignore long term business plan
•Calm
Will handle times of market volatility and make smart decisions
•Worrying
Will panic when markets are volatile and make stupid decisions (more…)
On September 16, 1992 – later dubbed “Black Wednesday” — the day the British government abandoned the European Exchange Rate Mechanism (ERM), and the pound was devalued by 20% George Soros made over $1.2 billion on his short sterling trade and was dubbed “The Man Who Broke the Bank of England.” His Quantum Hedge Fund has returned about 20 percent a year, on average, since 1969. These are amazing results, and some of the best ever achieved. Many of the years he was personally running it he had 30% returns and two years returned an amazing 100%.
Risk Management
“I’m only rich because I know when I’m wrong…I basically have survived by recognizing my mistakes.”
“My approach works not by making valid predictions but by allowing me to correct false ones.”
Trader Psychology
“It’s not whether you’re right or wrong that’s important, but how much money you make when you’re right and how much you lose when you’re wrong.”
“The markets are always on the side of exuberance or fear. It’s fear and greed. Right now greed has the better of it, which is rather nice (for investors) as long as it doesn’t get out of hand,” (more…)
Hilal searches for inspiration on the golden walls, the columns, the people coming at this hour of the morning, the flames of the lit candles.
– I forgive the girl I was, not because I want to become a saint but because I do not want to endure this hatred. This tiresome hatred.
This was not what I expected.
– You may not forgive everyone and everything, but forgive me.
– I forgive everything and everyone. I forgive you because I love you and you do not love me. I forgive you because you reject me and I am losing my power.
She closes her eyes and raises her hands towards the ceiling.
– I am liberated from hatred by means of forgiveness and love. I understand that suffering, when it cannot be avoided, helps me to advance towards glory.
Hilal speaks softly but the acoustics of the church are so perfect that everything she says seems to echo throughout the four corners. But my experience tells me that she is channelling the spirit of a child. (more…)
* Everyone is wrong in the markets at times. The difference between the great traders and the unsuccessful ones is in how long they stay wrong.
* Addictive traders get high from action; great traders get high from mastering markets–and mastering themselves.
* Great traders do their best work when they are not trading; unsuccessful traders do not work when they are not trading.
* Every loss of discipline is a self-betrayal; great traders are true to themselves and stay disciplined as a result.
* Great traders focus on the two things they can always control: when they play and how much they bet.
You will never achieve greatness by minimizing your weaknesses. At best that will bring you to average. The path to greatness lies in maximizing strengths: becoming more of who you are when you are at your best.
To be honest, we’re not sure what EuroPacific’s Michael Pento did during this debate that was so out of the norm for CNBC, where yelling and talking over each other is common… but obviously he touched a nerve with Erin Burnett who yelled at him YOU ARE SO RUDE right at the :37 mark.
Then after he finishes he point, she lectures him some more, prompting the eye-roll seen here.
As for the debate? It was about the US bond market and whether the massive US debt load will turn bonds into toilet paper. We guarantee nobody makes a point you haven’t already heard several times.
