Good Advice to Follow, from Victor Niederhoffer
"In life the intelligent man looks beyond the immediate effect he desired to produce to the more and more results that are likely to follow and studies them calmly and dispassionately" -Ben Boland, Famous Positions in the Game of Checkers.
Very good advice for the market in establishing a position. What if things go wrong and you are cornered. The roach motel, etc.
Jeff Hirsch writes:
"Moses Shapiro (of General Instrument) told me: "Son, this is Talmudic wisdom. Always ask the question 'If not?' Few people have good strategies for when their assumptions are wrong." That's the best business advice I ever got."
- John C. Malone (Liberty Media, TCI, Fortune, 2/16/98)