A must watch interview of Rakesh Jhunjhunwala
The common thing among successful traders & entrepreneurs is to always think in terms of risk to reward. They take a trade—buy a stock or take a business bet—only if they’ve made peace with the worst possible outcome
An understanding that leverage (debt) is merciless & a double-edged sword. If at all they need to use leverage, it’s only a small portion of their networth. That’s how they survive the bad days.
The ability to be patient when it’s the hardest.