Words to Remember
Great Investors Lose Small And Win Big 🧠
“It's not whether you're right or wrong that's important, but how much money you make when you're right and how much you lose when you're wrong.”
Why we ran it
Private credit was showing cracks, with a $33 billion Cliffwater fund limiting withdrawals after redemption requests hit 14% of assets in a quarter. Soros's rule is about sizing. What matters is not the batting average but how much is on the line when a trade goes wrong.
From the March 13, 2026 issue: The Cockroach Problem On Wall Street →