~ DAY 3 ~
Seek Lower Returns
Reducing Losses Is More Important Than Increasing Returns
“For in the average human house there is one hole by which money comes in and a hundred by which it goes out.”
—G. K. Chesterton
Math is against you. Saying so reminds me of a story.
It was 6:00 on a cold December morning in 1996. We were taking I-40 East out of Nashville and looking directly into the pink glow of the rising sun. My old high school buddy and business partner, Ben Doochin, and I were traveling to sell a 401(k) plan. We passed a cattle truck (there are as many cattle trucks in Tennessee as taxi cabs in Manhattan) and I could see the bulls blowing smoke through the rails of the trailer. It looked like the Chicago Bears’ defensive line snorting ...
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