GURU – Paul Tudor Jones (Tudor Investment Corp Et Al)

https://www.gurufocus.com/news/467413/trading-lessons-from-the-great-paul-tudor-jones

"October 1987 was a devastating month for most investors as the world stock markets witnessed a
collapse that rivaled 1929. That same month, the Tudor Futures Fund, managed by Paul Tudor Jones
(Trades, Portfolio), registered an incredible 62 percent return. Jones has always been a maverick trader.
His trading style is unique and his performance is uncorrelated with other money managers. Perhaps
most important, he has done what many thought impossible: combine five consecutive, triple-digit
return years with very low equity retracements. In 1986, Paul’s fund realized a 99.2 percent gain!”

On losses:

"I think I am the single most conservative investor on earth in the sense that I absolutely hate losing
money."

"There is no reason to take substantial amounts of financial risk ever, because you should always be able
to find something where you can skew the reward risk relationship so greatly in your favor that you can
take a variety of small investments with great reward risk opportunities that should give you minimum
drawdown pain and maximum upside opportunities."

"Do not ever let them get into your pocket — that means there is no reason to leverage substantially."

"When I am trading poorly, I keep reducing my position size. That way, I will be trading my smallest
position size when my trading is worst."

"I have very strong views of the long-run direction of all markets. I also have a very short-term horizon
for pain."

"Everything gets destroyed a hundred times faster than it is built up. It takes one day to tear down
something that might have taken 10 years to build."