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In chess and in markets, the best move is often the one your opponent doesn’t see coming.
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Credit markets are the dark side of the moon. Equity investors look up and see a bright surface. The real action is on the other side.
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The London Whale wasn’t a mystery. The positions were so large they were distorting the market. You just had to be willing to stand on the other side.
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Losing $1.8 billion of someone else’s money teaches you things about risk that no MBA program ever will.
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Position sizing is everything. Being right on direction means nothing if you’re sized wrong.