Quotes About Strategy

Wyatt Earp: Fast is fine, but accuracy is final. In a gunfight you must learn to be slow in a hurry.

As President Dwight D. Eisenhower said, "You know, farming looks mighty easy when your plow is a pencil, and you're a thousand miles from the corn field." The same is true of warfare; it looks mighty easy when your rifle is a budget approval and you are six thousand miles from the battlefield.

Selous Scouts

The Book of Five Rings, by Miyamoto Musashi,

To the Russians, it doesn't matter if a Republican or Democrat is in the presidency or what party controls Congress; their intent is to divide the nation and they can do it through the smartphone in your pocket.

The pistol is just to fight your way to the rifle. Then get to work.

Only concealment, not cover. Move, Reece!

Speed. Surprise. Violence of action.

I made a mental note to buy stock in the Iraqi padlock company.

Even a poor trading system could make money with good money management.

Excessive worrying about taxes usually leads to unsound investments in the hope of achieving a tax shelter.

Generals always fight the last war

relationships. For example, if the S&P was moving in an inverse lockstep to the bonds, and bonds were down for the day, but the S&P was not responding on the upside, it would tell me I should sell the S&P.

Now it's no longer sufficient to assume that because you trade with the trend, you'll make money. Of course, you still need to be with the trend, because it puts the percentages in your favor, but you also have to pay a lot more attention to where you're getting in and out.

Those who want to win and lack skill can get someone with skill to help them. I

I have what I call my Evel Knievel screen. These are companies that are trying to jump the Grand Canyon and probably won't make it. There are only two conditions for the screen. First, the company is trading at more than five times book value. Second, the company is losing money. My job is to figure out which stocks won't make it across the Grand Canyon and then go short those stocks.

The worst thing that can happen to you in the markets is being right and still losing money. That's the danger in buying on rallies and selling on breaks these days.

In trading, 80 percent of your profits come from 20 percent of your ideas.

Whenever I enter a position, I have a predetermined stop.

The best trades are the ones in which you have all three things going for you: fundamentals, technicals, and market tone.

The next thing I would advise is to always use stops.

The first thing I would say is always bet less than 5 percent of your money on any one idea.

Perhaps the most important rule is to hold on to your winners and cut your losers. Both are equally important. If you don't stay with your winners, you are not going to be able to pay for the losers.

Place your stops at a point that, if reached, will reasonably indicate that the trade is wrong, not at a point determined primarily by the maximum dollar amount you are willing to lose per contract.