If Trading Is Like Chess, Then Macro

As I've Told My Three Daughters, All Of Whom I've At One Time Encouraged To Go Into Macro Trading, Any Man Or Woman Can Do Anything To Which They Set Their Heart And Mind.

After Awhile Size Means Nothing. It Gets Back To Whether You're Making 100% Rate Of Return On 10k Or 100 Million Dollars. It Doesn't Make Any Difference.

The Concept Of Paying One-hundred-and-something Times Earnings For Any Company For Me Is Just Anathema. Having Said That, At The End Of The Day, Your Job Is To Buy What Goes Up And To Sell What Goes Down So Really Who Gives A Damn About Pe's?

The Most Important Rule Is To Play Great Defense, Not Great Offense. Everyday I Assume Every Position I Have Is Wrong. I Know Where My Stop Risk Points Are Going To Be. I Do That So I Can Define My Maximum Drawdown. Hopefully, I Spend The Rest Of The Day Enjoying Positions That Are Going In My Direction. If They Are Going Against Me, Then I Have A Game Plan For Getting Out.

You Can Not Have Significance In This Life If It Is All About You. You Get Your Significance, You Find Your Joy In Life Through Service And Sacrifice - It's Pure And Simple.