Citations de Paul Tudor Jones

Toutes les Citations de Paul Tudor Jones

1. "Dont focus on making money; focus on protecting what you have. Playing great defense means youll be around to play offense."

   Source: Market Wizards (1989)

   Defense first: protect capital before seeking profits.

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2. "Every day I assume every position I have is wrong. This removes the ego from trading. Never fall in love with a position."

   Source: Market Wizards (1989)

   Assume every position is wrong until proven otherwise.

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3. "Being right about direction is not enough; you must be right about timing. A great idea at the wrong time is a losing trade."

   Source: Market Wizards (1989)

   Correct direction is not enough; timing is equally crucial.

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4. "At the end of the day, the market tells you whether youre right or wrong. Listen to price action, not your thesis."

   Source: Market Wizards (1989)

   Listen to price action; the market reveals its truth.

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5. "Look for trades where the upside is many times the downside. 5:1 reward-to-risk ratios mean you can be wrong most of the time and still profit."

   Source: Market Wizards (1989)

   Seek asymmetric trades: five-to-one reward versus risk.

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6. "Every market moves in cycles driven by economic forces, sentiment, and policy. Understanding where you are in the cycle is crucial."

   Source: Trader Documentary (1987)

   All markets move in cycles driven by fundamentals and sentiment.

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7. "The most important rule is to play great defense. Im always thinking about losing money, not making money. Cut losses fast."

   Source: Market Wizards (1989)

   Great defense means cutting losses fast and decisively.

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8. "Never risk more than a small percentage of your capital on any single trade. Proper position sizing ensures no single loss can destroy you."

   Source: Market Wizards (1989)

   Risk only small percentage per trade to survive drawdowns.

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9. "The trend is your friend until the end. Dont fight major trends; ride them. Counter-trend trading is for experts only."

   Source: Trader Documentary (1987)

   The trend is your friend until it ends; don't fight it.

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10. "Pay attention to the 200-day moving average. When prices break below it, be very cautious. Its one of the most important technical levels."

    Source: Market Wizards (1989)

    The 200-day moving average is a critical trend indicator.

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11. "Never overpay for a security, no matter how exciting the story. The price you pay determines your return. Discipline in valuation is the foundation of investment success."

    Source: Market Wizards (1989)

    Discipline in valuation determines investment success.

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12. "Always estimate the intrinsic value of a business before investing. Compare price to value, not price to past price. The gap between price and value is where profits are made."

    Source: Market Wizards (1989)

    Compare price to intrinsic value, not to past prices.

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13. "Invest in businesses with durable competitive advantages, strong cash flows, and management integrity. Quality businesses compound wealth over time and reduce downside risk."

    Source: Market Wizards (1989)

    Quality businesses compound wealth and reduce risk.

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14. "Before investing, identify the moat — the sustainable competitive advantage that protects the business from competitors. No moat means no long-term edge."

    Source: Market Wizards (1989)

    Identify sustainable competitive moats before investing.

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15. "Not all earnings are equal. Look for recurring, cash-backed earnings rather than accounting profits. High-quality earnings are predictable, sustainable, and convertible to free cash flow."

    Source: Market Wizards (1989)

    Evaluate earnings quality, not just quantity.

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16. "The most successful investors stay within their circle of competence. Know what you understand well and resist the temptation to venture outside it."

    Source: Market Wizards (1989)

    Stay within your circle of competence.

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17. "Surface-level knowledge is dangerous in investing. Develop deep expertise in your areas of focus. True understanding means knowing what could go wrong."

    Source: Market Wizards (1989)

    Develop deep expertise, not surface knowledge.

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18. "Markets are driven by fear and greed. The disciplined investor exploits these emotions rather than being controlled by them. Emotional control is the key competitive advantage."

    Source: Market Wizards (1989)

    Exploit market emotions rather than being controlled by them.

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19. "Understanding crowd psychology is essential. When everyone agrees, the opportunity has usually passed. The best time to act is when the crowd is most fearful or most confident."

    Source: Market Wizards (1989)

    Act when the crowd is at emotional extremes.

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20. "The best investments often feel uncomfortable because they go against popular opinion. If everyone loves a stock, it's probably overpriced. If everyone hates it, investigate."

    Source: Market Wizards (1989)

    Good investments often feel uncomfortable.

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21. "In a world obsessed with quarterly results, patience is the ultimate competitive advantage. Great investments often take years to play out fully."

    Source: Market Wizards (1989)

    Patience is the ultimate competitive advantage.

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22. "Compound interest is the eighth wonder of the world. Those who understand it earn it; those who don't, pay it. Time is the most valuable asset in investing."

    Source: Market Wizards (1989)

    Compounding is the most powerful force in investing.

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23. "Think in decades, not days. The market rewards patient capital and punishes impatience. Most of the gains in investing come from sitting and waiting."

    Source: Market Wizards (1989)

    Think in decades, not days.

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24. "The cardinal rule of investing: buy only when the price is significantly below your conservative estimate of intrinsic value. This builds in protection against error."

    Source: Market Wizards (1989)

    Buy only at prices well below intrinsic value.

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25. "The stock market is a no-called-strike game. You don't have to swing at every pitch. Wait for the fat pitch — the opportunity that offers exceptional risk-reward."

    Source: Market Wizards (1989)

    Wait for exceptional risk-reward opportunities.

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26. "Never invest in anything you don't fully understand. Thorough research is the foundation of every sound investment decision."

    Source: Market Wizards (1989)

    Thorough research precedes every sound investment.

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27. "Have clear, pre-defined sell criteria. Sell when: your thesis is broken, valuation is fully realized, or a significantly better opportunity appears."

    Source: Market Wizards (1989)

    Follow pre-defined sell criteria without emotion.

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28. "Regularly review whether your original reasons for owning a stock still hold. If the facts change, change your mind. Holding a broken thesis is the costliest mistake."

    Source: Market Wizards (1989)

    Regularly challenge your original investment thesis.

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29. "After every sell, review the outcome. Did you sell too early, too late, or at the right time? Post-mortems on sell decisions improve future judgment."

    Source: Market Wizards (1989)

    Post-mortem every sell decision to improve.

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30. "Draw insights from multiple disciplines — psychology, history, mathematics, and science — to build a lattice of mental models for better investment decisions."

    Source: Market Wizards (1989)

    Use insights from multiple disciplines for better decisions.

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31. "Think in probabilities, not certainties. Every investment has a range of possible outcomes. Weight your decisions by the expected value of each scenario."

    Source: Market Wizards (1989)

    Think in probabilities, not certainties.

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32. "Instead of asking how to succeed, ask how to avoid failure. Inverting problems often reveals insights that forward thinking misses."

    Source: Market Wizards (1989)

    Invert problems to find insights forward thinking misses.

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33. "A clear investment philosophy provides an anchor in turbulent times. Know what you believe, why you believe it, and stick to it when tested."

    Source: Market Wizards (1989)

    A clear philosophy anchors you in turbulent times.

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34. "Evaluate management by their actions, not their words. Look for a track record of capital allocation, shareholder communication, and aligned incentives."

    Source: Market Wizards (1989)

    Judge management by actions, not words.

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35. "Understand the industry structure before evaluating any company. Industry economics often matter more than company-specific factors in determining returns."

    Source: Market Wizards (1989)

    Industry structure shapes investment outcomes.

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36. "The most important skill for a CEO is capital allocation. Evaluate how management deploys capital — do they create or destroy value with their decisions?"

    Source: Market Wizards (1989)

    Evaluate management's capital allocation skills.

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37. "The principles that make you a great investor — patience, discipline, humility, and continuous learning — are the same principles that lead to a great life."

    Source: Market Wizards (1989)

    Investment principles apply to life too.

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38. "The best investors never stop learning. Read voraciously, study history, learn from mistakes, and stay curious about the world. Knowledge compounds like interest."

    Source: Market Wizards (1989)

    Knowledge compounds like interest for investors.

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39. "The ideal investment is a high-quality business purchased at a fair price. Quality compounds wealth; fair prices protect capital."

    Source: Market Wizards (1989)

    Seek quality businesses at fair prices.

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40. "Never invest in a business you cannot explain in simple terms. If you can't describe why a company is valuable, you don't understand it well enough to own it."

    Source: Market Wizards (1989)

    Only invest in what you can explain simply.

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41. "Look for investments where a specific catalyst will unlock value. Without a catalyst, even cheap stocks can remain undervalued indefinitely."

    Source: Market Wizards (1989)

    Identify specific catalysts that will unlock value.

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42. "The greatest enemy of the investor is himself. Fear, greed, regret, and pride cause more losses than any economic event. Master your emotions to master the market."

    Source: Market Wizards (1989)

    Master your emotions to master the market.

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43. "Know the common behavioral biases that trap investors: anchoring, confirmation bias, loss aversion, and herding. Awareness is the first step to prevention."

    Source: Market Wizards (1989)

    Know your behavioral biases to avoid them.

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44. "The market exists to serve you, not to guide you. Use market prices to your advantage — buy when the market offers bargains and sell when it offers premiums."

    Source: Market Wizards (1989)

    Use the market as your servant, not your guide.

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45. "Markets move in cycles driven by human emotion. Understanding where you are in the cycle helps you prepare for what comes next and position accordingly."

    Source: Market Wizards (1989)

    Understand where you are in the market cycle.

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46. "A systematic approach to investing removes emotion and ensures consistency. Document your process, follow your rules, and review regularly."

    Source: Market Wizards (1989)

    A systematic approach ensures consistent investing.

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47. "Use an investment checklist to ensure you don't skip critical steps. Aviation-style checklists prevent costly oversights in investment analysis."

    Source: Market Wizards (1989)

    Use checklists to prevent investment oversights.

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48. "Review every investment decision — wins and losses — to improve your system. The best investors treat investing as a craft that can always be refined."

    Source: Market Wizards (1989)

    Treat investing as a craft that can always improve.

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