- (To be a successful trader,
I must love to lose money and hate to make ,Money...The first loss is the best
loss; there is no better loss than the first Loss…Trading is a discipline)
From EEK, (memoirs of CBOT
member Everett Klipp (1995
- (One of the critical
criteria I use in judging my traders is their ability to take a Loss.If they
can’t take a loss, they can’t trade)
John Mack, Morgan Stanley
CEO, in a 1991 deposition.
- (If you have bad inventory, mark it down
and sell it quickly)
Attributed to Bear Stearns
Chairman Alan “Ace” Greenburg, describing
- (So, as our discipline requires, we sold....)
J. Stowers, CEO, American
Century Funds, in a 12/10/97 letter to investors
- (Never meet a margin call.
In other words, if the market is going against you, concede defeat quickly and
liquidate before you really lose your shirt)
James Grant, editor, Grant’s
Interest Rate Observer, quoted in
BusinessWeek “Failed Wizards
of Wall Street,”
