When do you admit that you’re wrong, start all over again. Or when do you hang on and assume that the markets will turn around in your way. That’s the biggest decision we all have to make. However, there is one thing that is clear. Over the last several hundred years we’ve been able to identify some people that can do it better than others. They don’t necessarily go to MIT, they don’t necessarily have degrees in mathematics so that doesn’t automatically rule them out. They are the kind of people that can make that judgement that says something’s different here, I’m going back to harbour until I figure it out. Those are the kind of people you want running your money.
Stan Jonas, trader
The Trillion Dollar Bet - a documentary about the demise of Long Term Capital Management