Thursday, July 19, 2012

Colm O’Shea quote (implementation, flexibility, and George Soros)

From the book Hedge Fund Market Wizards:

“You need to implement a trade in a way that limits your losses when you are wrong, and you also need to be able to recognize when a trade is wrong. George Soros has the least regret of anyone I have ever met. Even though he will sometimes play up to his public image as a guru who knows what is going on, it is in no sense what he does as a money manager. He has no emotional attachment to an idea. When a trade is wrong, he will just cut it, move on, and do something else.”