The way to build long-term returns is through preservation of capital and home runs.

Soros is the best loss taker I've ever seen. He doesn't care whether he wins or loses on a trade. If a trade doesn't work, he's confident enough about his ability to win on other trades. There are a lot of shoes on the shelf wear only the ones that fit. If you're extremely confident, taking a loss doesn't bother you.

Everyone sort of lives with their rulers in the past and doesn’t look at coming changes.