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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 Third Major Axiom: On Hope

When the ship starts to sink, don’t pray. Jump.

The Second Axiom was all about what to do when things are going right. The Third Axiom is about saving yourself when they go wrong.

And they surely will go wrong. You can depend on it. You can expect that roughly half your speculative ventures will turn sour before you have reached your preplanned ending positions. Half your guesses about the future will be wrong. Half your judgments of economic forces will be inaccurate. Half the advice you hear will be bad.

Half your hopes are doomed never to be realized.

But cheer up. This doesn’t mean you are bound to lose a dollar for every dollar you gain. If that were true, the whole adventure would be pointless. It ...

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