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

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.

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