After awhile size means nothing. It gets back to whether you're making 100% rate of return on 10k or 100 million dollars. It doesn't make any difference.

You adapt, evolve, compete or die.

There's such an emphasis on making money that we've really taken the humanity out of business.

The concept of paying one-hundred-and-something times earnings for any company for me is just anathema. Having said that, at the end of the day, your job is to buy what goes up and to sell what goes down so really who gives a damn about PE's?

Fundamentals might be good for the first third or first 50 or 60 percent of a move, but the last third of a great bull market is typically a blow-off, whereas the mania runs wild and prices go parabolic... There is no training, classroom or otherwise, that can prepare for trading the last third of a move, whether it's the end of a bull market or the end of a bear market.

As I've told my three daughters, all of whom I've at one time encouraged to go into macro trading, any man or woman can do anything to which they set their heart and mind.

I am more scared now that I was at any point since I began trading, because I recognize how ephemeral success can be in this business. I know that to be successful, I have to be frightened. My biggest hits have always come after I have had a great period and I started to think that I knew something.