Poker taught me more about risk management than any finance textbook. In both games, position sizing is everything.

pokerrisk-managementInterview, 2000

One losing month in ten years. People call it luck. I call it 10,000 trades where the math worked.

consistencydisciplineNew Market Wizards, 1992

Trading isn't about being right on any single trade. It's about having a positive expected value across thousands of trades.

probabilityprocessNew Market Wizards, 1992

I don't have opinions about where markets are going. I have models that tell me where the probabilities favor being.

disciplinemodelsInterview, 1993

The casino doesn't win every hand. But over a million hands, the house edge is unbeatable. That's my approach.

consistencyedgeNew Market Wizards, 1992