Waiting, Paying, Taking

1. Whenever one thinks “I must rush to get in,” chances are the rush will be paid by waiting.

2. Whenever one thinks “This is a nice profit, but I should hold for more,” there is a good chance that it is a swell time to take profits.

3.  Pairs trades provide duration; they keep the main trade alive by alleviating the anguish of large(r) draw downs. But for this benefit, one must often pay by waiting.

4.  Waiting is paying for taking.


Montana, Shephard, 1943

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