James Dinan: More Info

A selection of James Dinan quotes:

Hedge funds are now the “quickest way to get rich, like the dot-coms of the late 90s.” (“But don’t try to get rich quick; getting rich requires patience.”) You have to continually re-invent yourself; you need to want to do it. In order to succeed in this business you “have to love markets, as opposed to simply wanting to get rich. You have to be good at something.”

“If you screw-up, stay on Wall Street; everyone gets a 2nd, 3rd, 4th chance |return 20%, 20%, 20%, then blow up! |get new investors.”

“Try to make money every day.” You must have a loss management model in place. “Winners take care of themselves, make sure losers don’t kill you.”

“In the investment universe, all you are looking for is change.”

“It doesn’t matter where it goes, it matters what you do when it gets here.”

“Whatever you do, make sure you’re around tomorrow.”

“Don’t wait for the last dollar of gain.”

“Every day try to better yourself.” You will never have perfect information and therefore every choice one makes in life is a speculation, but even in the gray you can still make money. “Think of information as a mosaic – can you guess the missing pieces?”

“If you made a great trade yesterday and made a lot of money, do not think about it today.”

“So many people lose money by giving a trading limit – if you want to get out, get out!”

“Think of the risk/reward quadrant – “What can I make vs. what can I lose?”

“Better to try and lose, then not to try. You learn through osmosis – learn in real time.”

“Don’t gamble and don’t try to hit home-runs, because it’s a losing strategy, unless you’re Soros, then you’re the exception to the rule.”

“Some people have it, some don’t. But most success comes with
experience. If you don’t have it by day 1, don’t get upset. If you don’t have it by three years, it’s probably not for you.”

“Nothing wrong with trying and failing – PATIENCE!”