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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 Second Major Axiom: On Greed

Always take your profit too soon.

Amateurs on Wall Street do it. Amateurs in poker games do it. Amateurs everywhere do it. They stay too long and lose.

What makes them do it is greed, and that is what the Second Axiom is about. If you can conquer greed, that one act of self-control will make you a better speculator than 99 percent of other men and women who are scrambling after wealth.

But it is a hard act to pull off successfully. Greed is built into the human psyche. Most of us have it in big amounts. It has probably inspired more Sunday sermons than any other of our less than laudable traits. The sermons tend to have a despairing sound, with sighs for periods. The despair stems from the feeling that ...

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