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Quote by Walter Wangerin

“The difference between shallow happiness and a deep, sustaining joy is sorrow. Happiness lives where sorrow is not. When sorrow arrives, happiness dies. It can't stand pain. Joy, on the other hand, rises from sorrow and therefore can withstand all grief. Joy, by the grace of God, is the transfiguration of suffering into endurance, and of endurance into character, and of character into hope--and the hope that has become our joy does not (as happiness must for those who depend up on it) disappoint us.”

Quote by Walter Wangerin

Work

Measuring the days: daily reflections with Walter Wangerin, Jr

This book offers a series of thoughtful and introspective reflections written by Walter Wangerin, Jr., providing readers with daily spiritual guidance and contemplation. more

Author

Walter Wangerin
Walter Wangerin

Walter Wangerin is an American author born on February 13, 1944. His works span across religion, literature, and philosophy, known for their profound insights and unique narrative style. more

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“I know of a few multimillionaires who started trading with inherited wealth. In each case, they lost it all because they didn't feel the pain when they were losing. In those formative first few years of trading, they felt they could afford to lose. You're much better off going into the market on a shoestring, feeling that you can't afford to lose. I'd rather bet on somebody starting out with a few thousand dollars than on somebody who came in with millions.”

“The people who survive avoid snowball scenarios in which bad trades cause them to become emotionally destabilized and make more bad trades. They are also able to feel the pain of losing. If you don't feel the pain of a loss, then you're in the same position as those unfortunate people who have no pain sensors. If they leave their hand on a hot stove, it will burn off. There is no way to survive in the world without pain. Similarly, in the markets, if the losses don't hurt, your financial survival is tenuous.”

“If a betting game among a certain number of participants I played long enough, eventually one player will have all the money. If there is any skill involved, it will accelerate the process of concentrating all the stakes in a few hands. Something like this happens in the market. There is a persistent overall tendency for equity to flow from the many to the few. In the long run, the majority loses. The implication for the trader is that to win you have to act like the minority. If you bring normal human habits and tendencies to trading, you'll gravitate toward the majority and inevitably lose.”