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The Zurich Axioms: The rules of risk and reward used by generations of Swiss bankers by Max Gunther

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The Seventh Major Axiom: On Intuition

A hunch can be trusted if it can be explained.

A hunch is a piece of feeling-stuff. It is a mysterious little clump of not-quite-knowledge: a mental event that feels something like knowledge but doesn’t feel perfectly trustworthy. As a speculator you are likely to be hit by hunches frequently. Some will be strong and insistent. What should you do about them?

Learn to use them, if you can.

That is easy advice to give but, as you will undoubtedly discover, not so easy to carry out. The subject of intuition is complicated, imperfectly understood, and troublesome to many people. There are three distinct approaches to the phenomenon:

Scorn. Many investor/speculators studiously ignore their own hunches ...

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