The Importance of Preparation

I have a saying that we're always one missile launch away from a massive bear market. Unless you can predict when that's going to happen, then you really don't have anything. I think it's useless to agonize over that if you have a plan and you're prepared because there's really no way to know. You can put together a plan that reflects your intentions and your desires to not take too much risk. All you can do is through your position sizing and whatever hedge you have on when disaster strikes.

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