20. Risky Business
“Every bet that we make involves a trade-off based on a decision to pay or risk something of value for the uncertain prospect of gain. Placing winning bets in investing, as in life, therefore, requires the development of a strategic ability to make better bets between and among financial and non-financial outcomes. Where most of us tend to trip up, often unwittingly, is when we fail to grasp the complete extent and true nature of tradeoffs implicit in what always comes down to choices.”
—Larry Hite, Hedge fund manager Market Wizards
The Best Offense Is a Good Defense
Throughout this text, I have equipped you with the training and tools to prepare for battle. Now it is time to discuss our opponent. The market has been crowned ...
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