Exiting on thesis change only works if you wrote the thesis down before entry. almost nobody does that part

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Stanley Druckenmiller averaged 30% a year for 30 years without a single losing year

Paul Tudor Jones asked him on stage what made him different from everyone else – his answer: size

“I put 350% long into one bond trade – 200 to 300% of my fund into a single currency – put all your eggs in one basket and watch the basket carefully”

“I’ve never used a stop loss in 40 years – I exit when the reason I bought changes, not when the price is down”

“the world changed on 9/11, the world changed when the wall came down, the world changed election night – these moments set in place two to four-year trends you can play”

bookmark and watch it today ↓

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