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welcome to my channel SB quotes I've learned many things from him George saw us but perhaps the most significant is that it's not whether you're right or wrong that's important but how much money you make when you're right and how much you lose when you're wrong My Philosophy is that to be the best investor you can be you have to possess an insatiable desire to learn an unshakable belief in your own capabilities the stock market is filled with individuals who know the price of everything but the value of nothing I believe the best way to manage risk is to be bullish when you have a compelling risk slash reward and bearish when you don't the key to Money Management it's making a lot of money when you're right and minimizing it when you're wrong there are times to make money there are times not to lose money and if you don't know the difference you're going to get killed I've thought a lot of things when I'm managing money with great great conviction and a lot of times I'm wrong and when you're betting the ranch and the circumstances change you have to change and that's how I've always managed money I never try to make money in the stock market I buy on the assumption that they could close the market the next day and not reopen it for five years I don't think it's a good idea to apply conventional wisdom to the markets conventional wisdom in the financial markets exists to be tested and found lacking once you make a lot of money it's incredibly enjoyable to give it away it's a way to satisfy the soul I like putting all my eggs in one basket and then watching the basket very carefully Soros is the best loss taker I've ever seen he doesn't care whether he wins or loses on a trade if a trade doesn't work he's confident enough about his ability to win on other trades there are a lot of shoes on the Shelf where only the ones that fit if you're extremely confident taking a loss doesn't bother you Bitcoin is like anything else it's worth what people are willing to pay for it the way to build Superior long-term returns is through preservation of capital and home runs when you have tremendous conviction on a trade you have to go for the jugular it takes courage to be a pig I don't really like hedging to me if something needs to be hedged you shouldn't have a position in it if you diversify you're saying I don't know what I'm doing I believe that good investors are successful not because of their IQ but because they have an investing discipline but what is more disciplined than a machine a well-researched machine can make many average investors redundant leaving behind only the really good human investors with exceptional intuition and skill I've always loved to play games and face it investing is one big game you need to be decisive open-minded flexible and competitive I'm only Rich because I know when I'm wrong earnings don't move the overall Market it's the Federal Reserve board focus on the central banks and focus on the movement of liquidity most people in the market are looking for earnings and conventional measures its liquidity that moves markets every serious deflation I've looked at is preceded by an asset bubble and then it bursts everyone sort of lives with their rulers in the past and doesn't look at coming changes you can be far more aggressive when you're making good profits if you're early on in your career and they give you a choice between a great mentor or higher pay take the mentor every time it's not even close and don't even think about leaving that Mentor until your learning curve Peaks the few times that Soros has ever criticized me was when I was really right on a market and didn't maximize the opportunity there's just nothing to me so invaluable in my business but in many businesses as great mentors if you're running a business for the long term the last thing you should be doing is borrowing money to buy back stock good debt growth is when you borrow money and it goes into the real economy you do Capital spending you build businesses carried interest you're making money on somebody else's capital it's not on your own if that's not income I don't know what is thanks so much for your Watching God bless you
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