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The market is a device for transferring money from the impatient to the patient — but in macro, the patient still have to be fast.
trading— Attributed
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Geopolitical events are the most underpriced risk in financial markets because most analysts are economists, not historians.
risk— Attributed
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The discipline isn't getting into a trade. It's getting out of the one that isn't working.
discipline— Attributed
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Silence in this business is a competitive advantage. The more people know what you're thinking, the harder it becomes to execute.
strategy— Attributed
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Conservation and capital allocation aren't that different. In both cases, you're trying to preserve something worth preserving.
philosophy— Attributed