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

pokerrisk-management— Interview, 2000
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One losing month in ten years. People call it luck. I call it 10,000 trades where the math worked.

consistencydiscipline— New Market Wizards, 1992
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Trading isn't about being right on any single trade. It's about having a positive expected value across thousands of trades.

probabilityprocess— New Market Wizards, 1992
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I don't have opinions about where markets are going. I have models that tell me where the probabilities favor being.

disciplinemodels— Interview, 1993
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The casino doesn't win every hand. But over a million hands, the house edge is unbeatable. That's my approach.

consistencyedge— New Market Wizards, 1992