Avoiding the Zeros in All Aspects of Life

Minimizing Risks: The Key to Success in Investments and Life

I always believed that my advantage in life was being smart, but it really isn't. My real advantage is not being stupid. There is a big difference between the two.

Take, for example, Myron Scholes, the Nobel Prize-winning economist. Scholes is much smarter than I am, yet my investment record is better. Those who know about Scholes' spectacular losses with Long-Term Capital Management (LTCM) can attest to this.