MarketMap™

The best risk management is taking no risk at all.

That statement gives people a brain cramp. They cannot see how money gets made without risk, because they have been sold the old wives' tale that higher risk buys higher reward. That is exactly what the institutional side wants you to believe, and it is the furthest thing from the truth.

Read the students of the great ones, or the biographers who sat with them, from Jack Schwager to Tony Robbins. They all report the same finding. The great ones are risk-averse. They hunt asymmetry: little or no risk, large potential reward. Those situations exist for anyone patient enough to wait for them.

That is the view from my side of the desk. When a new client arrives harried and impatient, I give him very little consideration, because the outcome is already written.