PAUL TUDOR JONES: "DON'T EVER AVERAGE DOWN (ADD MORE AT A LOWER PRICE). JUST KILL YOUR LOSERS!
"...He just couldn't understand where he'd gone wrong. He'd heard about the stock when it was in the thirties, he'd read all the reports while it climbed into the forties, and he'd bought it when it backed off to $43. When it really backed off to $35 he committed the cardinal sin, he doubled up. Then he'd sat and watched as it sank into the teens.
'What really pissed me off, D.B. said, 'was that it rallied a couple times during the fall, and instead of bailing, I just hung on.'
'What was your plan?', I asked.
"My plan? I was going to hold until it got back to fifty dollars. What else?"
By the way, Paul Tudor Jones' 20% of profits share from his macro hedge fund amounted to $300 million last year.
Stephen
.
.
Comments