Martin Schwartz > Quotes

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― Martin Schwartz, Pit Bull: Lessons from Wall Street's Champion Trad

“That’s the problem with amateurs, they only have half a plan, the easy half. They know how much of a profit they’re willing to take, but they don’t have the foggiest idea how much they’re willing to lose. They’re like deer in the headlights, they just freeze and wait to get run over. Their plan for a position that goes south is, “Please God, let me out of this and I’ll never do it again,” but that’s bullshit, because if by chance the position turns around, they’ll soon forget about God.”
― Martin Schwartz, Pit Bull: Lessons from Wall Street's Champion Trad