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Credit is the most important market in the world and the least understood by the average investor.
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Art and finance have more in common than people think. Both require patience, an eye for value, and the courage to trust your own judgment.
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The army taught me one thing that Harvard didn't — how to make decisions when you don't have all the information and the consequences are real.
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In a crisis, the only thing that matters is liquidity. You can be right about every position and still go bankrupt if you can't meet margin calls.
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Discipline beats talent. I've seen brilliant traders blow up because they couldn't follow their own rules when it mattered.