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Rule No. 1: Never lose money. Rule No. 2: Never forget Rule No. 1.
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Don't focus on making money. Focus on protecting what you have. The money will take care of itself if you manage the downside.
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Avoiding big losses is as important as capturing big gains. Over 40 years, the math proves this beyond any doubt.
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Accepting losses is the most important single investment device to insure safety of capital.
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I would rather lose one-third of my shareholders than lose one-third of my shareholders' money.
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The greatest risk is not volatility. It is the permanent impairment of capital.