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It's not whether you're right or wrong, but how much money you make when you're right and how much you lose when you're wrong.
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Markets are constantly in a state of uncertainty and flux. Money is made by discounting the obvious and betting on the unexpected.
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Once we realize that imperfect understanding is the human condition, there is no shame in being wrong — only in failing to correct our mistakes.
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The worse a situation becomes, the less it takes to turn it around.
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Stock market bubbles don't grow out of thin air. They have a solid basis in reality — but reality as distorted by a misconception.