Quotes About Strategy

I would say that risk management is the most important thing to be well understood.

Undertrade, undertrade, undertrade is my second piece of advice. Whatever you think your position ought to be, cut it at least in half. My experience with novice traders is that they trade three to five times too big.

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. If the meaningful stop point implies an uncomfortably large loss per contract, trade a smaller number of contracts.

there is probably no class of trades with a higher failure rate than impulsive (not to be confused with intuitive) trades.

Cortés proved the shrewder of the two. As he did with the Aztecs, he did with his Castilian rival: he defeated Narváez's larger force with a smaller one.

Using a daring and audacious method, the citizens of Konstanz in Germany managed to prevent allied forces from dropping a single bomb on their city during the Second World War... they left all of their lights on at night! As the city is very close to the border with Switzerland - who were neutral in the war - the allied forces assumed the city was Swiss, and didn't target it.

At one point during the war, the Germans built fake airfields out of wood to draw British bombers away from their real targets and to fool the allies into thinking they were strategically more powerful than they actually were. However, the British weren't fooled - and took the mickey out of the Germans by dropping wooden bombs on the decoys!

Councils of war breed timidity and defeatism.

The fact was I had the vision... I think everyone has... what we lack is the method.

A good commander can beat the odds. A great commander can beat the gods.

It's easy to rattle the saber if the enemy's five thousand or more kilometers distant.

Life is not always a matter of holding good cards, but sometimes, playing a poor hand well.

Global vision, local win.

Forget about your competitors, just focus on your customers.

The most common cause of plans going wrong and operations collapsing can usually be traced to a communication breakdown. The secret to management success, in peace or war, is to explain strategy in clear terms, and to listen. Acquire those two skills, and fate will be kind.

Financially, I've lost money and made money, but I know my way around financially.

Golf is a better game played downhill.

When I want a long ball, I spin my hips faster

This is a game. That's all it is. It's not a war.

I'd rather be two strokes ahead going into the last day than two strokes behind. Having said that, it's probably easier to win coming from behind. There is no fear in chasing. There is fear in being chased.

I've wanted to design golf courses ever since I was a kid. I suppose it comes from the way I've played the game. To find the proper way to play any hole, I've always begun by asking myself what the architect has tried to do with it.

If we don't have accurate information, if we are not able to tell difficult truth one to another, we will never be able to effectively design a policy for Iraq.

strategic planning is less useful, what replaces it? Strategic experimentation.

If you don't want to be caught unaware by the future, lose your perspective because everyone from existing and future customers to your current and would-be competitors is likely viewing things from a perspective different than your own.