a good readTHE ZURICH AXIOMSAxiom I - on riskRisk enough to be...

a good read
THE ZURICH AXIOMSAxiom I - on riskRisk enough to be really worried about the outcomePlay for meaningful stakes; diversification is for wimpsAxiom II - on greed■ Always take your profit too soonControl your greed; don't let it control youAxiom III - on hope■ When the ship starts to sink, don't pray. JumpWhat makes a top-rate poker player - knowing when to foldAxiom IV - on forecasts■ Distrust anyone who claims to know the futureAnd don't let your own reasonable expectations of the future harden into dogmatic certaintyAxiom V - on patterns■ Don't see order where it does not existMost of the time you're dealing with chaos, but that's not dangerous until it seems to look orderlyAxiom VI - on mobility■ Stay light on your feetDon't get locked into a way of thinking about investments and don't stick with a situation because you think it 'owes' you somethingAxiom VII - on intuition■ Trust a hunch if you can explain itAnd you can explain it if it's consistent with the conclusions you can draw from an area that you have studied in depthAxiom VIII - on religion and the occult■ Don't imagine that providence will make you richAfter all, if astrology worked, all astrologers would be richAxiom IX - on optimism and pessimism■ Learn the difference between confidence and optimismIf you are confident, you know how to handle the worst; if you're just optimistic, you don'tAxiom X - on consensus■ Arrive at your own conclusionsBe deeply sceptical of majority opinion and never follow what look like speculative fadsAxiom XI - on stubbornness■ Leave stubbornness to othersIf a speculation does not succeed first time, forget it. And never average down a losing situationAxiom XII - on planning■ Forget long-range planningAll speculative media will change in ways that you cannot imagine

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