Visceral

“Investors often make the mistake of equating manager performance in a given year with manager skill. In some instances, more skilled managers will underperform because they refuse to participate in market bubbles. In fact, during market bubbles, the best performers are often the most imprudent rather than the most skilled managers.”
― Jack D. Schwager, Hedge Fund Market Wizards: How Winning Traders Win

“I have what I call my Evel Knievel screen. These are companies that are trying to jump the Grand Canyon and probably won’t make it. There are only two conditions for the screen. First, the company is trading at more than five times book value. Second, the company is losing money. My job is to figure out which stocks won’t make it across the Grand Canyon and then go short those stocks.”
― Jack D. Schwager, Hedge Fund Market Wizards: How Winning Traders Win

“Traders focus almost entirely on where to enter a trade. In reality, the entry size is often more important than the entry price”
― Jack D. Schwager, Hedge Fund Market Wizards: How Winning Traders Win

“My goal on Wall Street was never to get rich but to stay in business. There’s a big difference. If you’re out of the business, you can never get rich. That’s why you have to be especially cautious when you’re trading a larger position size.”
― Jack D. Schwager, The New Market Wizards: Conversations with America's Top Traders