The most important rule is to play great defense, not great offense. Everyday I assume every position I have is wrong. I know where my stop risk points are going to be. I do that so I can define my maximum drawdown. Hopefully, I spend the rest of the day enjoying positions that are going in my direction. If they are going against me, then I have a game plan for getting out.

You can achieve great economic gains by solving social problems.

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?

I'm always thinking about losing money as opposed to making money. Don't focus on making money, focus on protecting what you have

First of all, never play macho man with the market. Second, never overtrade.

I believe that great success is possible in any field — from music to mathematics to macro trading.

You learn more from your losses, than from your gains.