Quotes.

On Risk
Worry is not a sickness but a sign of health. If you are not worried, you are not risking enough.

Put your money at risk. Don't be afraid to get hurt a little. The degree of risk you will usually be dealing with is not hair-raisingly high. By being willing to face it, you give yourself the only realistic chance you have of rising above the great unrich. Worry is the hot and tart sauce of life. Once you get used to it, you enjoy it.

Minor Axiom l
Always play for meaningful stakes

Minor Axiom ll
Resist the allure of diversification
( Because it forces you to violate precept minor axiom 1 )
( Because it creates situation where gains and losses cancel each other out.
( Because you end up with too many balls in the air )

--ZurichAxiom

On Hope
When the ship starts to sink, don't pray. Jump.

Learning to take losses is an essential speculative technique. MOST never learn it. Take losses at once and move on. Take small losses to protect yourself from the big ones.
Beware the 3 obstacles to jumping ship:
- fear of regret ( that the loser will turn out to be a winner when you've bailed-out )
- Unwillingness to abandon part of an investment ( become willing to abandon )
- Difficulty of admitting you made a mistake.

Minor Axiom lV
Accept small losses cheerfully as a fact of life. Expect to experience several while awaiting a large gain.

--ZurichAxiom

“There is always a reason for fluctuations, but the tape does not concern itself with the why and wherefore. It doesn’t go into explanations. I didn’t ask the tape why when I was fourteen and I don’t ask it today at forty.”

 -- Jesse Livermore