“
I think the secret is to cut your losses quickly. That's the most important thing. If I'm wrong, I just get out.
risk— Market Wizards interview, 2001
“
Being right isn't enough. You have to be right and act on it. Most people are right occasionally but they don't make money because they don't have the conviction to act.
conviction— Point72 internal remarks, 2015
“
I don't diversify to reduce risk. I concentrate where I have edge. Everything else is just noise.
investing— Reported remarks to SAC Capital analysts, 2008
“
The best traders I've seen share one thing — they don't fall in love with positions. A stock doesn't know you own it.
trading— Point72 Academy training materials, 2019
“
You want to know what separates the good traders from the great ones? The great ones take big losses and come back the next day.
resilience— Reported in Black Edge by Sheelah Kolhatkar, 2017
“
Information is the edge. Everything else is just capital and courage.
philosophy— SAC Capital internal culture document, 2005