A Quote by Martin S. Schwartz
The most important thing in making money is not letting your losses get out of hand.
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If letting go, if letting people and things work themselves out in the way that they needed to without your help was the most important thing, then it was also the hardest.
To me, all creativity is magic. Ideas start out in the empty void of your head - and they end up as a material thing, like a book you can hold in your hand. That is the magical process. It's an alchemical thing. Yes, we do get the gold out of it but that's not the most important thing. It's the work itself.
My philosophy is that all stocks are bad. There are no good stocks unless they go up in price. If they go down instead, you have to cut your losses fast Letting losses run is the most serious mistake made by most investors.
The most important thing in life is not simply to capitalize on your gains. Any fool can do that. The important thing is to profit from your losses. That requires intelligence, and makes the difference between a man of sense and a fool.
Politics is a damn expensive business. I had one hell of a time trying to raise money as a candidate. I had to put a second mortgage on our house to get that campaign started, and I ended up spending over $300,000 to get elected. I believe that public financing of federal election campaigns is the only thing that will insure good candidates and save the two-party system. It is the most degrading thing in the world to go out with your hat in your hand and beg for money, but that's what you have to do if you haven't got your own resources.
The only thing you should have to do is find work you love to do. And I can't imagine living without having loved a person. A man, in my case. It could be a woman, but whatever. I think, what I always tell kids when they get out of class and ask, 'What should I do now?' I always say, 'Keep a low overhead. You're not going to make a lot of money.' And the next thing I say: 'Don't live with a person who doesn't respect your work.' That's the most important thing—that's more important than the money thing. I think those two things are very valuable pieces of information.
The key to trading success is emotional discipline. If intelligence were the key, there would be a lot more people making money trading… I know this will sound like a cliché, but the single most important reason that people lose money in the financial markets is that they don't cut their losses short.
If for you the most important thing is to make a lot of money, then you don't want to take a certain type of risk. If, on another hand, the most important thing to you is to make people around you have a more fulfilled life, then there is a different set of things that are important to you. Unless you really know that about yourself, you will never be able to appropriately assess risk.
The most important thing to understand about your pension is it only really counts on the day you put money in and the day you take money out.
Let me put it bluntly: anyone who says that money isn't important doesn't have any! Rich people understand the importance of money and the place it has in our society. On the other hand, poor people validate their financial ineptitude by using irrelevant comparisons. They'll argue, "Well, money isn't important as love." Now, is that comparison dumb or what? What's more important, your arm or your leg? Maybe they're both important.
If I have positions going against me, I get right out; if they are going for me, I keep them Risk control is the most important thing in trading. If you have a losing position that is making you uncomfortable, the solution is very simple: Get out, because you can always get back in.
Don't worry about being famous or making money; the most important thing is being the best. You have to become a master of your craft, and everything else will come.
The biggest message, we hope, is that money is not the most important thing in life. You have to have it to survive and live but it's not the most important thing in life. It's the legacy you leave and the people that you wrap around you and the love that you have wrapped around you (that) should be the most important thing.
Corporations are legal fictions created by the State to shield executives from liability… It’s like if I had a little hand-puppet, and I went to rob a bank, and the hand-puppet held the little gun and told people to hand over all the money, and then the hand-puppet grabbed the money and ran out, and then I got caught and I handed the hand-puppet over the police and then the police tried the hand-puppet, put the hand-puppet in jail, and I get to keep all the money.
I seem to have been able to make a career out of doing what I feel like doing, so why not keep doing it? What's corrupting is wanting to be more important. You want to be more arty - you get your identity from that. Or you get your identity out of making more money.
The Twelve Chairs is about the same thing. It's all about money or love. We know we need money, we know we have to get money, we know we have to hurt others to get money. But we don't know until maybe it's a little too late in life that love is the most important thing. Love, friendship, affection, bonhomie, whatever. Those are the only things that really count: to love and be loved.
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