A 50% loss requires a 100% increase to break even. A 90% loss requires a 900% increase to break even.

Preventing large drawdowns is more important than catching ten-bagger stocks.

Many so-called "stock gods" are just leveraging in a bull market. When the tide goes out, they are the first to disappear.

Simple hedging doesn't require complex derivatives:

1. Negatively correlated assets (stocks fall, government bonds/gold rise)

2. Sufficient cash reserves (that's your option)

3. Never fully commit

It's not just about how sharp your spear is, but also how thick your shield is. In this game, defense is the best offense.