Analyzing Alpha

“It’s a matter of both having confidence and being comfortable in the approach you’re using.”

“There’s a tendency to feel a rush when the market is going your way and devastation when it’s going against you. These emotions do absolutely nothing to make you a good trader.”

“Quit trying to predict.”

“I stopped looking at the losses as problems and started viewing them as opportunities.”

“I find that using systems gets the monkey off your back. If you lose money today, it’s not your fault; it’s the system that had the problem.”

“The perfect strategy doesn’t exist.”

“As long as you learn something from a loss, it’s not really a loss.”

“Think of life as a movie in which you’ll see what you’re seeing right now only one time. You’ll never see it exactly the same way again. Absorb it; be aware of it; enjoy it.”

“As soon as you take responsibility for your life, you can change the world.”

“I think investment psychology is by far the most important element, followed by risk control, with the least important consideration being the question of where you buy and sell.”

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“Modern agriculture has been accurately described as a way of turning oil into food. As the price of oil continues to rise, so will the price of food.”

“I like to be right. I try not to miss the big ideas, forget the little ones, and try to get them right. End of job description.”

“You can’t run the economy on BMWs alone. If the average person is in a pickle, how do you have a healthy economy?”

“One day we will have more inflation, and our bonds will bleed like a pig.”

“We’re right, just early.”