It’s not whether you’re right or wrong that’s important, but how much money you make when you’re right and how much you lose when you’re wrong …

-Stanley Druckenmiller

George Soros has a philosophy that I have also adopted: The way to build long-term returns is through preservation of capital and home runs….I’ve learned many things from [Soros], but perhaps the most significant is that it’s not whether you’re right or wrong that’s important, but how much money you make when you’re right and how much you lose when you’re wrong. The few times that Soros has ever criticized me was when I was really right on a market and didn’t maximize the opportunity.”

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